PL | EN

World’s highest minimum wage and the unprecedented taxation in Oman

The canton of Geneva in Switzerland introduced the world’s highest minimum wage. It now stands at around 25 USD per hour and a minimum monthly salary of over 4400 USD. The high costs of living have strained the 600 000 poor Swiss (out of 8,5 million citizens) especially during the pandemic. The minimum wage in the canton was introduced as a “people’s initiative” coming from citizens. They gathered enough signatures to call a referendum, and 58 percent of the voters agreed with their proposition. Meanwhile, the U.S. Florida becomes the eight state to decide to gradually raise the hourly wage floors to 15 USD by 2026. At least 21 cities, including San Francisco, Seattle, and Los Angeles have already reached the same level of the hourly wage floor or exceeded it.

One of Joe Biden’s proposals, raising the taxation for capital gains in the U.S., may result in lower revenue for the government, according to Brian Faler from Politico. The reason for that would be discouraging the investors from selling assets as a way of avoiding paying tax. In Oman, authorities plan to tax the highest earners by 2022. It is an unprecedented move in the Gulf –  until now countries there avoided any taxation. It comes as a countermeasure to the budget deficit, which is partially a result of low oil prices and the coronavirus pandemic. Apart from that, the government plans to gradually cut the subsidies on electricity and water and remove them until 2025.

More about: OmanSwitzerlandUSA
Read also
Asian economies: Indonesia, Thailand, Hong Kong and Singapore
Asian economies: Indonesia, Thailand, Hong Kong and Singapore
The Indonesian and Thai authorities intend to distribute cash and food worth USD 43 billion to their citizens, which loans will primarily finance. In Thailand, each adult citizen will receive almost USD 280, which should stimulate consumer spending. The total cost of the program will be USD 14 billion. In Indonesia, the country’s likely future […]
India, China and Pakistan: rivalry for the Maldives and Kashmir
India, China and Pakistan: rivalry for the Maldives and Kashmir
India and China compete for the small but strategically important Maldives, offering infrastructure investments and financial resources. China needs a military presence in the Arabian Sea to secure access to oil from the Persian Gulf. India considers the Maldives as its sphere of influence in the Indian Ocean and wants to ensure that the Maldives […]
Hybrid work, pay raises and the AI revolution in the labor market
Hybrid work, pay raises and the AI revolution in the labor market
According to the results of a yet unreviewed experiment at Trip.com, those employed in a hybrid work model were happier and less likely to leave the company than those who worked only in the office, and the overall productivity of both groups was the same. Meanwhile, a series of studies, for example, on call centre […]
Jellyfish protein in forensics and DNA extraction after fires
Jellyfish protein in forensics and DNA extraction after fires
Scientists are studying brain injuries caused by domestic violence. Approx. ⅓ of women report having experienced severe physical violence from a partner, and most of them have suffered at least one traumatic brain injury (TBI). Symptoms often resemble those seen in athletes or military personnel. However, the brains of domestic violence victims were more likely […]
Egypt, Cuba and Argentina’s fight against the economic crisis
Egypt, Cuba and Argentina’s fight against the economic crisis
In response to inflation and the decline in the purchasing power of the Egyptian pound in relation to the dollar, the inhabitants of Egypt are looking for a safe place to invest their assets, so they trade in gold, real estate and cars. The Egyptian authorities increased the aid agreement with the International Monetary Fund […]
Previous issues