Minimum wages around the world: “iPad” vs “Big Mac” Index.

The absolute lowest federal minimum wage is in Sierra Leone, where workers can expect just $0.03/hour.

India is the lowest among the larger economies with a $0.28/hour rate.

Australia is at the opposite end of the spectrum, with a whopping $16.88 hourly mandated wage.

The Economist’s “Big Mac index” is a fun way of measuring relative prices in different countries after adjusting for the nominal exchange rate between different countries’ currencies.

Now prepare yourself for an alternative measure, the iPad Mini Index. 

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