YEREVAN, January 17. /ARKA/. In a study by Picodi.com that focuses on minimum wages in 54 different countries around the world, Armenia ranks fifth. In Armenia the basic shopping basket makes 62% of the minimum net pay, the analysts of Picodi.com said.
The nominal minimum wage in Armenia rose from 55,000 drams (about $114) to 68,000 drams (about $ 141) on January 1, 2020.
To conduct the study, eight universal food groups were looked at: bread, milk, rice, eggs, cheese, meat, fruits and vegetables, which meet the nutritional needs of an adult.
The highest year-to-year increase in the minimum wage was noted in Nigeria at 65% in 2020, compared to 2019. However, after converting it into US dollars, the amount is still found to be one of the lowest at just $74.
Armenia’s neighbor Azerbaijan is ranked second (37.3%), Argentina is third (37.1%), and Saudi Arabia is fourth (33.3%).
In Russia, the minimum wage rose by 7.5% (29th place), in Belarus it went up by 13.6% (14th place), in Ukraine it grew by 13.2% (15th place), in Turkmenistan it upped by 10.1% (18th place), in Uzbekistan it grew by 10.1% (19th place).
In some countries, such as the USA, Spain, South Africa, Peru and Latvia, the minimum wage has not changed compared to 2019.
In Kazakhstan, the minimum wage also remained the same, but the amount received by the employee on hand decreased due to an increase in the insurance premium (-1.1%). -0-