An article that was published on the official website of the European Union, Eurostat, on March 30, 2023 looked at the average hourly labor costs in EU (European Union) countries in 2022.
The cost of labor per hour was highest in Luxembourg at 51 euros and lowest in Bulgaria at 8 euros.
Let’s use Bulgaria, which has the lowest wages in all of Europe, for the analysis.
If you work 40 hours a week in Bulagaria (which, for a healthy individual without disabilities, shouldn’t be less than that), then:.
8 euros equals NGN4, 089.95, or NGN163,598 over the course of 40 hours.
To get the following result, multiply the 40 hours by 4, or the number of weeks in a month.
Four times NGN163,598 equals NGN654,392.
This indicates that a Nigerian employed in the least developed nation in the EU can boast of a monthly salary of more than 500k Naira.
Do we still need to analyze Luxembourg, the EU member state with the highest wages?
I don’t believe that will be required now that this is here.
Offering labor that won’t improve your standard of living is really a loss of human dignity.