Compare And Contrast: Minimum Wage In Nigeria Vs Minimum Wage In Other Countries
According to Wikipedia, a minimum wage is the lowest remuneration that employers can legally pay their workers. Equivalently, it is the price floor below which workers may not sell their labor. Although minimum wage laws are in effect in many jurisdictions, differences of opinion exist about the benefits and drawbacks of a minimum wage.
In Nigeria, the latest news on minimum wage indicates that the various arms of government of the country are not really ready to discuss not to talk of increase the minimum wage to a reasonable amount owing to how expensive things in Nigeria has increased and even the economy.
According to our little research on how much some countries collect as their minimum salaries, it was found out that Nigeria is at the losing end when compared to what other countries collect. What even more shocking was the huge difference in the salary structure of a lawmaker in Luxembourg and that of a Nigerian senator salary. The difference is just too glaring.
BELOW IS A COMPILED LIST OF THE MINIMUM WAGES OF COUNTRIES OF THE WORLD
1. Nigeria – $38 (N18,000).
2. Algeria – $175 (N83,000).
3. Belgium – $1,738 (N810,000).
4. Cameroun – 36, 270CFA ($75) N38,000.
5. Chad – $120 (N60,000).
6. Denmark – $1,820 (N900,000).
7. Libya – $430 (N190,000).
8. Japan – $1000 (N450,000).
9. Cote D’ivoire -36,607CFA $72.
10. New Zealand -$3,187 (N1.4m).
11. Luxemburg – $2,500 (N1.1m).
12. Spain – $760. (N300,000).
13. Switzerland – $5,620 – N2.5m.
14. USA – $11 per hour.
Ironically, Nigeria politicians earn the highest salaries in the whole world. In Luxemburg where minimum wage is $2,500, their lawmakers are paid $7,400. In Libya where minimum wage is $430, law-makers earn $3000. In Nigeria where minimum wage is $38 (N18,000), law-makers earn $65,000 (N29m).