The minimum wage around the world

The Organisation for Economic Cooperation and Development (OECD), an international policy group that monitors and analyses 34 countries, recently tweeted the following chart:

It illustrates the after-tax value of the hourly minimum wage, in US dollars, in the OECD countries that have instituted one.

Australia and Luxembourg lead the group with wages over $US9 an hour each, and Latvia and Mexico are at the bottom with wages under $US2.

The US, where the federal minimum wage is $US7.25 per hour, or $US6.26 after taxes, ranks 11th.

Broken down by state, however, there is some variation among the 45 states that require a minimum wage, ranging from $US9.05 per hour in Washington, DC, to $US5.15 an hour in Georgia and Wyoming. The Guardian reported that 21 states raised the minimum wage in 2015, and multiple states have begun the process of raising their minimum wages to $US10.10 an hour.

Business Insider’s Myles Udland reported that the US government currently¬†spends $US152.8 billion a year supporting working families who are paid so little they’re still in need of assistance.

Read the OECD’s entire report.

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