Results of the "What does it cost?" miniseries - Minimum Wage

in LeoFinance3 months ago

With a bit of a delay, we are posting the results from our "What does it cost" miniseries. The community support was really overwhelming, with a lot of comments comming from every corner of the world.

Lets start with the minimum wage.

We received 19 comments, ranging from <$0,01 to $18,00 as a minimum hourly payment. For comparison, we calculatd an 8 hour day, although we received comments that in some parts of the world working 10 or even 12 hours is the norm. In order to calculate a monthly wage we multipled that with 20 working day, and also here we received comments that working on 6 days the week or even every day is the reality in some contries. The minimum monthly wages before taxation that have been calculated in this way are depicted in the chart below.
image.png

As you can see, there are two groups of countries that differ sharply in terms of the minimal wage. The first group, with countries like US, Denmark, Australia, Sweden, Germany and UK have a range between $2.800 (US California) and $1.360 (US Florida). Although the first and the last are differeing by a factor of 2, the difference of Florida to the first country in the 2nd group, which is Bulgaria with $380 comes with a factor of 3.6. This secound group of countries include Bulgaria, Columbia, Mexico, Suriname, Cambodia, Pakistan, Nigeria and Venezuale have a range from $380 (Bulgaria) down to less than $1 in Venezuela.

This is very clearly pointing out, how different the income-situation worldwide is. It may be a thing to consider, when we meet each other here in this global Economy. Although HIVE or LEO is worth the same amount in terms of Dollars for everybody of us, the meaning of 1 Doller by itself may greatly vary between our local situation.

Thank you @cwow2, @jk6276, @ericburgoyne, @minimining, @oldmans, @bashadow, @taskmaster4450le, @shanibeer, @tbnfl4sun, @lyubo19, @ecoinstant, @justinpark, @aiovo, @startings01, @leononmc21 for your active contribution!

Todays post comes to you from @no-advice

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What a great post. Love that we have people contributing from all around the globe.

The graph is very illuminating but as others have commented expenses also make a huge difference. Outgoings vary a lot even within countries - at least in the UK they do.

Overall I find this post very encouraging. Not from the specific contents but from the fact that people can come together and support each other and be excited by the possibilities of what crypto can and is doing. Heart warming stuff.

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Yeps. Its insane who much even small upvotes can help someone massively in another country!

That is the exciting part.

We can change someone's week or month with a single (or maybe a couple) upvotes.

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Ye I know!
Thats why I wanna grow! :D

This is really an insightful chart. It is something that I will use in the future. I think it really tells the story and what we need to target.

It is very interesting to see the differences. Of course, this only is the income side, without reference to the expense side. Both are required to determine the standard of living.

We know most of those areas, even the developed countries, minimum wage means one is lagging behind. This is the crypto opportunity.

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We know most of those areas, even the developed countries, minimum wage means one is lagging behind. This is the crypto opportunity.

Minimum wage in the US seems to leave a lot of people/families lacking in the basic needs. The pandemic has only highlighted this even further (ex: lines of cars becoming the modern day bread lines). Crypto could help all humanity rise up to a more comfortable living standard, but I'm not sure that those with traditional wealth and power are very interested in that or will let that happen.

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...I'm not sure that those with traditional wealth and power are very interested in that or will let that happen.

Sadly, it all comes down to power and control. It appears those who have it, for the most part, are psychopaths intent on enslaving humanity while they operate under the premise of "more".

No matter how we break it down, money is power. There is no way around that. Thus, spreading wealth around will only make people more powerful, something those in control do not want to see.

Hence they use their laws, guns, and jails to exert influence over the behaviors of others. This leads to obedience since people are so dependent upon those with the power.

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Well said. 👍

Extracting ourselves from wealth inequality will be difficult but hopefully not impossible.

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That is why I think we need the "fly under the radar" approach.

Crypto has that opportunity. Get involved in projects that do not get a lot of attention but are growing.

This way, people can see their fortunes change while the powers that are are occupied elsewhere.

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That's the perfect strategy, try to sneak up on them a bit and at the same time I try to limit giving them what they need. Over the last 5 or 6 years I have really down sized my life trying to reduce my contribution to their power. Alone I am not much of a force but multiply that by millions and who knows.

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That's correct - even in developed countries people on a minimum wage are lagging behind. The minimum wage in the UK is based on two thirds of the median wage for the whole of the country. We also have a situation where even though a person is on a minimum wage (and may even have more than one job), they are often still dependent on welfare benefits to cover their living expenses.

Thank you for stopping by. Expeses in form of Breakfast and Haircut are following. But i can already tell, that the difference is not as large as it is seen here. There are great chances when real, individual people can start doing business together without middlemen taking big cuts. I totally agree that here are the opportunities that crypto could help to realize.

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We certainly can change things in a quick and big manner. As some of the projects on Hive, even without a huge amount of people, are showing, insane returns are possible without nutty yield farming or scams.

It is amazing how much is siphoned out of the existing system before people have a chance to get involved.

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On minimum wage, I can attest to the value of a dollar!

In Kenya, that $1 gets you two loaves of bread and fresh groceries which is enough to feed a family of 10 for breakfast and can probably buy much more in Venezuela.

Most of the countries on the right side of the chart have a high number of unemployed youth and most of them are reliant on online jobs and crypto to earn a living.

I have made a living primarily from Freelancing online personally.

Bitcoin is huge in Kenya despite the roadblocks set along its path by government and banking institutions.

Believe me. LEO and other projects like it are making a massive difference in the world. You just don't realize the scale of it yet!

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Well this is insightful.

To add to the table or for future reference, the minimum wage one earns hourly from the Philippines is 0.625 USD hourly and around 5 USD per 8 working hours. This is the equivalent pay of a security guard hired by an agency.

A telemarketer earning the lowest wage available could earn around 1.433 USD hourly and around 11.458 USD per 8 hour shift. This comes from the average lowest paying telemarketing agency. This comes from my region's prescribed minimum wage. It's different per region but the differences in amount from other regions are only small.

Yes, an upvote of 1 Leo is already a big value.

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Thank you for your comment. So this is round about the minimum wage that we have reported for Columbia. I was kind of shocked when I did the analysis how big the differences are. Interesting to realize that we are operating in on global economie here on LEO. It is only the beginning, but the possibility to transfer value without middelman and costs is a huge step forward.

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Very interesting article! :) Thanks for the mention.

Thanks for stopping by.

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That's quite a range of values! Of course, the deeper level to consider here is the degree to which these minimum wages afford people any kind of basic living in each respective country.

From a more ideological perspective, what I see here is the potential for those in wealthier nations to invest (even relatively little) and earn a return on their "savings" while being able to significantly help those in financially troubled areas... at no cost to themselves. This is a very different form of reliance/self-reliance from traditional aid packages from OXFAM or whoever. Sure, we're doing this on an incredibly small scale in the greater scheme of things... but still...

=^..^=

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Minimum wage is not everything. All is rather relative. Lets better measure in goods we all consume.

Let's see where the working time is shortest to earn enough for ONE GALONE of petrol. Wanna guess?

VENEZUELA !

Petrol earn time

Full post here: https://howmuch.net/articles/the-petrol-sweat-index
How about going to Georgia, where you will work 58 hours (!), instead of Venezuelian's 11 minutes?

Yeah sure, things may have changed, this is 4 year old data. But you got the idea, right?

Or maybe you want the European map, a bit more uptodate data:

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Welcome to Hive Block Chain and LeoFinance.
This is the first of a small series they were doing asking real people what the wages were. There are a few post to come, I myself am looking forward to the what does it cost post where they asked about the prices of a few things in the area that people live.

In particular of interest to me is the price of a loaf of bread and a stick of butter, they seem to be pretty expensive where I live, but I do not know that for a fact yet. And I missed out on that round of questions unfortunately.

I can't say for the rest of the countries but I feel that Nigeria's minimum wage is a little above the chart. I would have settled for 20 dollars per month and this is based on the fact that some states in Nigeria earn 15 dollars as a monthly way.

I feel the 25 dollars represents just the wage of Lagos state alone

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Really good piece of work and very illuminating.

Switzerland is about 22.5 usd per hour minimum wage
22.5 x 8= 180
160 X 20 = 3600

Then take into account that taxes are only in the region of about 10% and you get why this is a true golden cage

Amazing to live here but everything is bloody expensive

super cool. now the next question: where is it safe & secure to life?

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