Real minimum wages around the world today

Is there such thing as real minimum wage? Some countries around the world have established a set minimum wage flat rate while others don’t prefer such policies for various reasons. We often hear the word “minimum wage”, but what differs it from “real minimum wage”?

According to this week’s infographic from International Business Times, the definition of “real minimum wage” is based on the fact that we must also factor in the cost of living and buying power of every individual in that country. Even though Australia’s minimum wage is $16, but perhaps Australians aren’t as pleased with what they earn because of the high living expenses they have to suffer with. Let’s take a look around the real minimum wages around the world!