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Real hourly and annual minimum wages are statutory minimum wages converted into a common hourly and annual pay period for the 25 countries for which they are available. The resulting estimates are deflated by national Consumer Price Indices (CPI). The data are then converted into a common currency unit using either US $ current exchange rates or US $ Purchasing Power Parities (PPPs) for private consumption expenditures.
Real hourly and annual minimum wages are calculated first by deflating the series using the consumer price index taking 2015 as the base year. The series are then converted into a common currency unit (USD) using Purchasing Power Parities (PPPs) for private consumption expenditures in 2015.
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