Comment by hiimkeks
1 month ago
No, the 340 were per month, the 40 hours are per week. I usually do back-of-the-envelope calculations with 4.3 weeks per month, which would leave them below 2 EUR/h.
Edit: But you are of course right about inflation! According to this website[1] it would bump them to 3.2 EUR/h.
[1]: https://www.inflationtool.com/euro-netherlands/2005-to-prese...
Sounds about right.
The point was that market value has very little to do with cost but is driven by intentionally limiting construction permits.
Out of the million euro that people have to pay to buy the 350 000 home very little goes towards building it.
The surplus of people looking to live someplace isn't an accident.
Now let us imagine what it is like running a pub. After subtracting the cost and the 5000 rent bill they probably have a sizable negative salary.
Even accounting inflation and the youth wage, that wage sounds too low for the Netherlands.
It should’ve been at least 450 euro equivalent even in 1990, using 2024 value euros.
Source: https://www.boeckler.de/pdf/ta_netherlands_mwdb.pdf