Today's article is about the outrageously high wages in the UK. Now I know this is not the first article in this vein and I suspect it may not be the last but nevertheless I thought I would give my take on the issue and perhaps try and delve a little deeper.
The Issue
It would appear that wages in the UK are in large parts, greater than that of other companies. This makes running a profitable business much harder.
What I have done to try and demonstrate this difference is to compare the wages for certain economy levels in different economies by converting everything into GBP
The Evidence
(This information is correct as of 20:30 30/05/12 and all results are an average of the top 5 paying jobs and is converted using the best exchange rate to turn the money intoGBP )
I could not gather applicable information for the following countries due to either no currency exchanges between GBP and the relative currency or not enough job offers.
Indonesia | Netherlands
Turkey | Canada
Russia | Taiwan
Germany | Mexico
Slovenia | India
France | Pakistan
Croatia | Ireland
Spain | Bosnia and Herzegovina
Israel | Switzerland
China | South Korea
Ukraine | Australia
Republic of Macedonia | Malaysia
Iran | Norway
Latvia | Chile
Finland | Peru
Argentina | Colombia
So looking at this it is possible to see that, for Q1 jobs at least wages in the UK are amongst the highest around. The only greater wages are found in Belgium, Lithuania and the USA. The remaining countries often are a few GBP cheaper.
Why is this the case? Should something be done about it? What do you think?
Another recent article on this matter was published by money8 on 30/05/12 and i'm providing the link so that any previous discussions/progress in this matter can be read up on by my (hopefully ) loyal readers.
NB - I have focused on Q1 companies because it will prevent the article from being far too long which in turn will hopefully mean the point of this article will not be lost.
- These statistics are not by any means perfect and as you can see a lot of data is non existent using this method. Whilst also it depends a large amount on exchange rates which I have noticed depend far more on which way the trade is going than the strength of a currency. As a result, when I have more time, I shall be revisiting this and take a look at what can be bought for the respective wages within each country. Hopefully this will not only give us more information but it will also provide us with more accurate information.
> As ever, please check out some of my previous articles, vote and subscribe if you haven't done so already.
> Also, if you feel as though there is something you could contribute to this matter/article then feel free to leave a comment below.
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