Raise the Bar
When working a minimum wage job in the United States, employees can expect to receive an hourly wage of about $7.25. On a full-time basis, an employee will cash in around $1200 on any given month. If someone is without any meaningful skills or career and this amount of money seems unsatisfactory, they should consider the city of Geneva as their new resting place.
This month, the Swiss city of Geneva will be introducing a minimum wage of 23 Swiss francs an hour (which converts to about $25/hour in USD equivalent). This wage is reported to be the highest in the world. On a full-time basis, employee’s will bring home $4000/month or about 4 times their U.S. counterparts.
Before you start packing your bags, it is important to keep in mind that Geneva is known as being one the most expensive cities to live in around the world. It is very possible that a minimum wage below this amount makes sustaining a decent standard of living in the city near impossible.
The coronavirus pandemic has brought forth how bad it really is for some of the poorer residents in the city with thousands of people reportedly queuing for food. Nearly two-thirds of the population voted in favour of this wage hike after being rejected both in 2011 and 2014.
The pain may not have been as severe back then but now that the backs of many people are against the wall, citizens are looking for any and every way to get things back on track.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.
