The city of Geneva, in Switzerland has set the highest Minimum wage of any country in the world after setting at 23 Swiss francs per hour in response to a referendum that was held at the end of September.
According to the new legislation, every worker in Geneva must be paid a wage of 23 Swiss Francs per hour which is equivalent to £19, $25, €22 or UGX 93700. With this new minimum wage, it means that every worker in Geneva must earn a minimum of 4,000 Swiss francs which is equivalent to $4354 or UGX 16,326,000.
With exploitation in the labor market where employers exploit their employees giving them peanut salaries, most governments all over the world have come up to intervene in the industrial market setting minimum wages. Uganda is one of those countries that have put the minimum wage legislation much as it has not been enforced since its passing one year ago.
Uganda set the minimum wage at the monthly salary at 130,000 which exchanged for $35 at the time of passing and it is one of the lowest active minimum wage legislations in the whole world a little more than what the least paying employers are supposed to pay their workers in Geneva per hour.
While setting the Minimum wages, government considers very many factors among them being the general poverty threshold, prevailing market wages, economic indicators like inflation and economic depression, cost of living among others.
Luxembourg has been having the highest minimum wage in world at $13.79 per hour. With the passing of Geneva’s minimum wage which will be effective this month, it is now the world’s highest minimum wage. Cuba has the world’s lowest minimum wage which is at 400 Cuban Peso ($16) per month.