In Uzbekistan, the minimum wage amounted to UZS 922,950 (about $75). Remarkably, the country secured 16th place in the minimum wage growth rating, with an increase of 14.1% compared to the previous year, Picodi reported. The portal has recently conducted a comprehensive study of the minimum wage in 67 countries as of January 2024.
Significant wage growth in other countries
Argentina led the pack with a wage growth of 138.4%, raising the minimum wage to $297. Türkiye followed closely with wage growth of 99.9%, increasing the minimum wage to $596. Other countries with notable wage growth include Nigeria (83.3% - to $68), Pakistan (29.3% - to $114), and Moldova (23.1% - to $239).
Comparisons with neighbouring countries
Among Uzbekistan’s neighbours, Kazakhstan emerged as a leader. The country secured sixth place in the Picodi rating, with a salary increase of 21.3% over the year, amounting to $160. In Russia, the minimum wage for January 2024 is $180, marking an increase of 18.5%.
Wage growth outpaces price increases
The minimum wage growth in Uzbekistan outpaced the price increase. The cost of the basic food basket at the beginning of 2024 was UZS 887,000 ($71.5), implying that about 96% of earnings are spent on purchasing simple food. A similar situation has developed in other countries, including Armenia and Vietnam.
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