| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

Follow Finfacts on Twitter

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : EU Economy Last Updated: Feb 23, 2011 - 4:02 AM


The Minimum Wage in European Union member countries 2011
By Finfacts Team
Feb 22, 2011 - 4:21 AM

Email this article
 Printer friendly page
Jan 2011 comparison

A total of 20 of the 27 European Union member countries (all except Denmark, Germany, Italy, Cyprus, Austria, Finland and Sweden) and two candidate countries (Croatia and Turkey) have national legislation setting a minimum wage by statute or by national inter-sectoral agreement.

Monthly minimum wages varied considerably in Jan 2011 and the differences reflect, at least to some degree, the price levels in each economy, with the highest minimum wage being recorded in Luxembourg (€1,758 per month) and the lowest in Bulgaria and Romania (€123 and €157 respectively).

Ireland had the the second highest rate at €1,462 monthly but from Feb 01, 2011, the rate has been cut by 12% and the current monthly rate €1,293, puts us ahead of the UK but behind Luxembourg, the Netherlands, Belgium and France.

Fine Gael, the expected main governing party from March 9th, has promised to reverse the one euro cut in the Irish minimum wage, which is currently at €7.65.

Central Statistics Office data show that about 47,000 workers, or 3.1% of the employed labour force, were paid at or below the previous adult experienced worker rate of €8.65 per hour.

Adjusting for differences in price levels reduces the variation between countries; the minimum wage in purchasing power parity (PPS) ranged from €233 to €1,452 (a factor of about 1:6).

In 2009 the minimum wage level was between 30% and 50% of average gross monthly earnings in industry, construction and services (except activities of households as employers and extra-territorial organisations and bodies)

It was 31% in the US and 46% in France. There is no data for Ireland.

In comparison with Ireland's 3%+ ratio of the workforce on the minimum wage, in 2005 it was 2% or less in Spain (0.8%), Malta (1.5%), Slovakia (1.7%), the United Kingdom (1.8%) and the Czech Republic (2.0%) and more than 10% in France (16.8%), Bulgaria (16.0%), Latvia (12.0%), Luxembourg (11.0%) and Lithuania (10.3%).

Eurostat: Minimum Wage data published this month; it relates to January 2011 and does not include February's Irish cut.

In 2008, average gross earnings in Denmark were €55K compared with €41.4K for Germany and €40k for Ireland in 2007.

Related Articles


© Copyright 2011 by Finfacts.com

Top of Page

EU Economy
Latest Headlines
New industrial orders up by 1.9% in Eurozone in December
Eurozone business activity slips back into contraction in February; Output rose slightly in Germany and France
Eurozone finance ministers agree second bailout for Greece; Troika sustainability report says outlook is grim
European Investment Bank funding for SMEs hit record in 2011; Loans for Irish projects were at €475m - - at €2.5bn in 2007/2011
Eurozone and EU27 GDP down by 0.3% in fourth quarter of 2011
German GDP dipped 0.2% in Q4 2011; French GDP grew 0.2% in the quarter
GDP shrinks in Greece and Portugal
ZEW Indicator of Economic Sentiment for Germany in positive territory in February for first time since May 2011
Industrial production down by 1.1% in Eurozone in December 2011; Down by 0.6% in EU27
Moody's cuts debt ratings of Italy, Spain and Portugal; Puts France, UK and Austria on warning
Draghi says economic outlook has improved but subject to downside risks
Greek leaders agree new austerity measures to pave way for second bailout
ECB keeps benchmark interest rate of 1.0%; Bank of England keeps rate unchanged and adds £50bn to bond-buying program
German exports fell in December; Exports rose 11.4% in 2011 to €1.06trn
Greece’s debt rose to 159.1% of GDP in Q3 of 2011 from 138.8% year earlier; Ireland's rose from 88.4% to 104.9%
Eurozone service sector stabilises in January as growth in France and Germany offsets declines in Spain and Italy
Spain's Insider-Outsider Divide: Young temporary workers overwhelmingly the victims of brutal recession
Eurozone annual inflation is expected to be 2.7% in January 2012
Eurozone Bank Lending Survey shows falling loan demand in Ireland and rest of Eurozone in Q4 2011
Eurozone manufacturing downturn eases in January as Germany returns to growth
Eurozone unemployment rate stable at 10.4% in December; Irish jobless rate at 14.5%; Spain at 22.9% and Austria at 4.1%
German retail sales fell in December but rose in 2011; Number of unemployed fell 420,000 in 2011
Japan's manufacturing began 2012 in growth mode; Data also shows output jumped in December on recovery from Thai flooding disruptions
Summit of EU leaders underway in Brussels; France cuts 2012 GDP forecast to 0.5%; Italy raises €7.5bn at reduced rates
Optimism among German consumers increased at the beginning of 2012
Merkel tells Davos elite reforms cannot be ignored; Unused EU funds could support SMEs, entrepreneurs and R&D investments
German business confidence jumped to a five-month high in January
Eurozone's manufacturing and services sectors recovered in January; Output rose strongly in Germany
Bank of Spain forecasts economy will contract -1.5% in 2012; Bank of France governor says France's economy will accelerate in the spring
IMF chief Lagarde says Eurozone needs bigger firewall to prevent Italy and Spain sliding towards default
Juncker says Eurozone must find ways to boost economic growth while cutting public budgets
IMF needs to raise $300bn in additional lending resources; Germany and Portugal hold successful bond auctions
Germany cuts its 2012 GDP forecast to 0.7%; "Germany is and remains an anchor for stability and growth in Europe"
European borrowing costs dropped Tuesday: European Commission begins legal action against Hungary
Eurozone annual inflation was 2.7% in December 2011 down from 3.0% in November
German economic sentiment increased in January
Firms up to 5 years old responsible for most job creation in Europe
Italy, Spain, Greece have had trade deficits with Germany since at least 1980 -- 20 years before euro launch
Draghi says signs the economy is stabilising; Strong market interest for Italian and Spanish bonds
Industrial production down by 0.1% in November in both Eurozone and EU27; 12-month production also down