Surprising Minimum Wage Facts

Did you know that 29 countries around the world don't have a minimum wage? Well now you do. Oh, and uh...watch this video for other facts.

Here's an annotated script with footnotes: https://docs.google.com/document/d/1KkPrdV5_Q7TG8--56DXdt6hzGLYjJwxAqmwJMbxTan0/edit?usp=sharing

Sources/further reading:
https://worldpopulationreview.com/country-rankings/minimum-wage-by-country
​​https://en.wikipedia.org/wiki/List_of_countries_by_minimum_wage
https://usafacts.org/articles/minimum-wage-america-how-many-people-are-earning-725-hour/

#minimumwages #minimumwagedebate #economics

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Australia currently has the highest minimum wage in the world.

A minimum wage is the lowest pay employers can legally pay their employees. But while many people around the world take a minimum wage for granted, minimum wage laws have only been around since the 1890s. And approximately 29 countries around the world do not have a minimum wage. Other countries only have a minimum wage for certain TYPES of jobs. Sometimes the minimum wage is per month, not per hour.

Even WITHIN countries there’s lots of different minimum wages. The United States has more than 100 different wages across the country, mostly due to cost of living differences. India has around 2,000 minimum wage rates for different types of industries and skill levels.

So do minimum wage laws actually reduce poverty? Well, we don’t know. That’s a debate that’s been raging since the 1890s. After all, there’s a pretty high standard of living in Norway, Sweden, Denmark, and the United Arab Emirates, which are all countries without a minimum wage.