In Ireland, people should make almost €450 a week to have comfortable life
New research published by the Living Wage Technical Group discovered that people in Ireland need to earn €11.50 an hour to be able to afford an acceptable standard of living. This amount is one-third higher than the minimum wage in the country, which is set at €8.65 an hour for an adult. In Ireland, around 83,000 people are estimated to earn the minimum wage. The study showed also that the cost of living increased 5 cents on the 2014 rate.
It was calculated based on the cost of 2,000 expenses including accommodation, food, energy, transport, clothes and services. Over the past 12 months, there have been reductions in the cost of health insurance and transportation. Food prices have also fallen.
The research showed the villain of the Irish´s cost of living is the housing costs. Rising rents, in particular in Dublin, were the main driver of the hourly increase.
A study published in May showed that Ireland is the fourth highest minimum wage behind Australia (€8.44), Luxembourg (€8.18), and Belgium (€7.58). Meanwhile, at the bottom of the pile is Chile (€1.96), Latvia (€1.29), and Mexico(€0.90).