It’s one of the most expensive cities in the world, and now they have a minimum wage to match.
There are many places in the world that have chosen to increase minimum wages, including many US cities, counties, and states. Since 2009, the federal minimum wage in the United States stands at $7.25. That may sound low, but compare it to other countries and it is downright dismal.
As an example, Switzerland recently voted for a minimum wage that is the equivalent of about $25 an hour. As the second-largest city in Switzerland, and the most international city in Europe, Geneva is at the forefront in many ways.
Interestingly, there is not a minimum wage in Switzerland because voters decided that one shouldn’t be established in 2014. Even voters in Geneva rejected the proposition of a minimum wage twice before finally saying yes.
The COVID-19 pandemic may have played a part, according to experts’ thoughts on a poll. They say that the wealth gap grew wider, so 58% of those who voted decided in favor of the minimum wage in Geneva.
Geneva is now ranked number nine on the list of the most expensive places to live in the world in 2020. In 2019, it was at position number thirteen. 9/10 inhabitants in Geneva live in rented accommodations and the cost for monthly rent for a two-bedroom apartment in the city is the equivalent of $3280 in the United States. That is the low end!
Now that the minimum wage standard has been put in place, workers will earn at least $4470 monthly if they work full time, which is 41 hours in Switzerland. By comparison, an American needs to earn $21.21 per hour to afford living in a two-bedroom apartment.
The highest national minimum wage in the world is found in Australia, which stands at the equivalent of $14.21 in United States dollars. The minimum wage in Geneva will go into effect on November 1.SKM: below-content placeholder