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3. Real minimum wages at constant prices

Real minimum wages at constant prices

Real minimum wages are statutory minimum wages converted into a common hourly and annual pay period for the 30 OECD countries and two other non-member countries for which they are available. Real hourly and annual minimum wages are calculated first by deflating the series using the consumer price index taking 2024 as the base year then converted into common currency units 1) US dollars (USD) and 2) USD using Purchasing Power Parities (PPPs) for private consumption expenditures in 2024.