Category: Luxembourg
Minimum wage increase despite credit crunch
27/08/2009, by Jane Bretin
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In Western Europe, the minimum wage has increased despite the economical crisis.

The minimum wage has risen slightly in key western European countries, bringing the average hourly wage up to 8.40 euros, according to a study by the Wall Street Institute (WSI) in Düsseldorf. Thorsten Schulten, WSI's price expert, explained that the rise of the minimum salary would contribute to stabilising the economy and prevent a price collapse.

The study shows that 20 countries out of 27 in the European Union have a minimum wage; Denmark, Sweden, Finland, Germany, Austria, Italy and Cyprus do not. The highest one is Luxembourg with 9.73 euros and France reaches 8.82 euros. The exception in Western Europe is Britain with 5.73 pounds, the equivalent of 6.41 euros which is due to the low exchange rate. The lower minimum wages are in southern and central Europe.  In Romania and Bulgaria it is less than 1 euro per hour.

For a while now, Luxembourg has held the minimum wage of 9.73 euros per hour at the top of the list of European countries. The Grand Duchy's minimum wage was increased twice this year, once by two per cent on 1 January, then re-maturing in this year's index in the spring.

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