The Conference Board and torch logo are registered trademarks of The Conference Board. The primary source for cross-country statistics on the labour market. November 29, 2021. Trademarks "THE CONFERENCE BOARD," the TORCH LOGO, and other logos, indicia and trademarks featured on Our Sites are trademarks owned by The Conference Board, Inc. in the United States and other countries ("Our Trademarks"). 0000019271 00000 n This page provides values for Wages in Manufacturing reported in several countries. Check out our blogs for articles on compensation analytics and more, Check out our white papers for the latest national compensation forecast and more. The manufacturing industry is expected to create only 19 new jobs in the 77 industries it serves. Average salaries in selected countries worldwide as of June 2021 (in U.S. dollars) [Graph]. 0000002464 00000 n Bloomfield Hills, MI 48302 Register in seconds and access exclusive features. Find market rates for jobs by location, industry, and size. If you are an admin, please authenticate by logging in again. endstream endobj 2297 0 obj <>/Filter/FlateDecode/Index[108 2156]/Length 66/Size 2264/Type/XRef/W[1 1 1]>>stream (2) Exchange rates are expressed as US dollars per foreign currency unit. Dollars). 0 At Intran, we work with dozens of major multi-national companies, which means our overhead costs are very low on a per-part basis because our volume is so high. Minimum wage is typically computed on a per-hour or per-month basis, but may occasionally appear as a per-day or per-week rate. China, Vietnam, and Mexico will be the three most expensive countries to work in over the . 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The highest paid occupations in Manufacturing, by average wage, are Physicians, Lawyers, & judges, magistrates, & other judicial workers, and Medical & health services managers. 58,129.99. Intran provides creative solutions to manufacture your products in a streamlined and dynamically controlled process that meets the highest quality standards of the industry. In the United States, this figures was 55,522 U.S.. (Nowadays this is called nearshoring.) 0000002493 00000 n If the shipping supply chain is interrupted somehow, the costs of that manufacturer go up. For the latest in HR and compensation news, subscribe to our monthly e-newsletters, blogs, and white papers. %PDF-1.4 % trailer The minimum wage set by local governments must be 37 cents per hour. As a Premium user you get access to background information and details about the release of this statistic. "}.mw-parser-output .srn-white-background{background:#fff}.mw-parser-output .static-row-numbers tr:hover{background:#eaf3ff}. The average manufacturing wage in China is still only about $3.10 an hour, (compared with $22.30 in the U.S.), though in the eastern part of the country, it's up to 50% more than that. The Conference Board uses cookies to improve our website, enhance your experience, and deliver relevant messages and offers about our products. Advanced users can use our Python/R/Matlab packages. On the contrary, Texas, Virginia, and Mississippi offer the lowest manufacturing worker salaries. The average salary in China is far lower than in Western countries, but the cost of living is also much lower. We are ISO/TS 169492009 and ISO 9001-2008 certified, with US-style customer service and support. Accessed March 01, 2023. https://www.statista.com/statistics/1282801/average-earnings-by-country/, Adzuna. Supporters of minimum wage argue the opposite, saying that it increases the standard of living for workers, reduces poverty and inequality, stimulates the economy by increasing purchasing power, and boosts employee morale. $-@\Dp6in``Hxu"A`bcIxEt>:-9%d\Rrj&"dVf:6Fllv5NI8o@r'goocjcrmlZ=6s!C|t,4Bh*3v "FA ` RR - 88B(CAh Average annual percent change in hourly compensation costs in manufacturing and exchange rates Table 3. Sure beats a few weeks, doesnt it? For over 100 years, our cutting-edge research, data, events and executive networks have helped the world's leading companies understand the present and shape the future. Average Salary. Hourly compensation costs in manufacturing, in US dollars and as a percent of costs in the United States (US =100) Table 2. The average wage is a measure of total income after taxes divided by total number of employees employed. If relative wage, productivity and exchange rate . Wages represent a key determinant of attractiveness, as well as the potential to increase the standards of living and the long-term sustainability of a given sector . In 2019 Netherlands was ranked number 2 in Manufacturing . Demo. Mexico 62578, +52 (777) 320 6798 x 121 Malta has ranked in the top 14 for salaries and benefits > hourly minimum wage since 2012. United States 7 Year Note Yield at 4.15 percent, United States 6 Month Bill Yield at 5.15 percent, United States 5 Year Note Yield at 4.25 percent, United States 4 Week Bill Yield at 4.59 percent, United States 30 Year Bond Yield at 3.94 percent, United States 3 Year Note Yield at 4.60 percent, United States 20 Year bond Yield at 4.14 %, United States 2 Year Note Yield at 4.87 percent, United Kingdom 7 Year Note Yield at 3.72 %, United Kingdom 52 Week Bill Yield at 4.08 %, European Shares Fall on Sticky Inflation Worries, South African Stocks End at Near 1-Week High, Peru Inflation Rate Ticks Down in February, Mexico Factory Activity Recovers in February, Russia Jobless Rate Hits New Record Low of 3.6%, Below Forecasts. According to the U.S. Department of Labor, measuring hourly manufacturing compensation costs on an all employees basis changes the position of some countries relative to the United States. The Conference Board is the global, nonprofit think tank and business membership organization that delivers Trusted Insights for What's Ahead. . See also: List of countries by GDP (PPP) per capita. Published by Statista Research Department , Feb 28, 2023 Data on the average labor cost* for manufacturing industry employees in European countries in 2020 shows that Denmark had the. The average minimum wage in Cuba comes to around $87 (2,100 Cuban pesos) per month for a 44-hour workweek, although its rate varies by occupation. However, a higher wage level in absolute term does not necessarily mean a more decent pay. Ukraine UAH 130k Kazakhstan KZT 2,948k Peru PEN 21k Malaysia MYR 37k Vietnam VND 61,743k. None of them are certain, but all of them are possible. Cell: 248.495.3250 The ILO Global Wage Database covers four indicators from 1995 to 2013 for all ILO member States (where available): minimum wages, average nominal wages, average real wages and average real wage growth. Show publisher information Tools to help manage corporate governance, sustainability, and philanthropy programs. White label accounts can distribute our data. Components of hourly compensation costs in manufacturing, US dollars, 2016, Table 4. Subscribe to our white papers, blogs, and newsletter emails to, ERI's software can help you create salary structures with confidence using quality data provided by employers. Partly, it can be explained by China's cheaper workers: The average hourly wage for Chinese manufacturing workers is less than a tenth that of their average U.S. counterparts, according to the Bureau of Labor Statistics. +52 (777) 319 1105 We have a plan for your needs. Access to this and all other statistics on 80,000 topics from, Show sources information Filters. In some countries (like Mexico), the legal system is honest and fair to foreign companies. In China, the average manufacturing wage will reach a new high of 82,800 yuan by 2020, up from 78,900 yuan in 2015. Suite 116 #350 Top 20 Countries with the highest minimum wage in 2020 (US$): Australia - $14.54 Luxembourg - $13.67 New Zealand - $13.18 Monaco - $11.88 Ireland - $11.54 France - $11.46 United Kingdom $11.37 Netherlands - $11.21 Belgium - $11.06 Germany - $10.68 San Marino - $10.55 Canada - $10.33 South Korea - $8.99 Israel - $8.17 Japan - $7.52 Spain - $7.30 0000011788 00000 n For example, an average manufacturing . In comparison with 33 foreign countries covered, U.S. manufacturing hourly compensation costs in 2011 ranked approximately in the middle at $35.53, the U.S. Bureau of Labor Statistics reported today (see chart 1). Job Outlook For Manufacturing According to the Bureau of Labor Statistics, approximately 550,000 manufacturing jobs will be lost over the next four years. Our research and analysis have helped the world's leading companies navigate challenges and seize opportunities for over 100 years. Throughout the U.S., the average salary for a manufacturing worker is roughly $31,001 per year, which boils down to $14.9 per hour. Oregon pays Manufacturing Workers the most in the United States, with an average salary of $38,334 per year, or $18.43 per hour. Check out what your job is worth or what it would cost you to relocate, Get an in-depth analysis of what your job is worth, Find out about salaries and what different jobs are worth, Compare the cost of living in locations around the world, Check out the cost of living in specific cities, states, or countries. Wages cover the total economy and are expressed per full-time equivalent employee.[3]. 02/27/2023 Austin, Texas, is one of the most high-tech specialized cities in the country, with 53.6 percent of manufacturing jobs classified as high-tech compared to the national average of just 16.1 percent. You want to get a contract manufacturer in a country where raw materials are high-quality, affordable, and readily available. Opponents of minimum wage claim that the higher labor costs will increase inflation and force businesses to raise prices (which reduces the purchasing power of the consumer) to make ends meet and/or lay off workers they can no longer afford to pay, which leads to higher unemployment and more poverty. China leads the world in terms of manufacturing output, with over $2.01 trillion in output (see Table 1). If your manufacturer has shorter supply chains, the risk of interruptions are lower, as well as the size of the disruptions. 4190 Telegraph Road, Suite 2100 Spain has ranked in the top 18 for salaries and benefits > hourly minimum wage since 2012. Location impacts how much a manufacturing worker can expect to make. 0000013883 00000 n The maximum rate of average wage for employees was 272 INR/Day and minimum was 3.87 INR/Day. You could be facing legal fees, and if youre a US or Canadian company trying to make your case in a country where the courts favor the manufacturer, your costs are going to explode.Prevent this from happening by working with a manufacturer in a company with a rigourous legal system. &C861s047~d`d1A?} bU Current job openings: United States Average Hourly Wages in Manufacturing, US Crude Stocks Rise More than Expected: EIA, US Construction Spending Falls for 2nd Month, US Manufacturing PMI Revised Lower: S&P Global, US Mortgage Rates at Fresh November Highs: MBA, US Mortgage Applications Fall for 3rd Week: MBA, US 10-Year Treasury Yields Hovers Near 4%, US Crude Oil Inventories Above Estimates: API, European Shares Fall on Sticky Inflation Worries, South African Stocks End at Near 1-Week High, Peru Inflation Rate Ticks Down in February, Mexico Factory Activity Recovers in February, Russia Jobless Rate Hits New Record Low of 3.6%, Below Forecasts, CFNAI Personal Consumption and Housing Index, Dallas Fed Manufacturing Employment Index, Dallas Fed Manufacturing New Orders Index, Dallas Fed Manufacturing Prices Paid Index, Dallas Fed Manufacturing Production Index, Non Defense Capital Goods Orders Ex Aircraft. This indicator is measured in USD constant prices using 2016 base year and Purchasing Power Parities (PPPs) for private consumption of the same year. In this article, the average wage is adjusted for living expenses "purchasing power parity" (PPP). The objective of non-discrimination and equal treatment in employment implies that workers should receive equal pay for work of equal value. In addition, companies like Schneider Electric Industrial Services and AAON report highly competitive wages for manufacturing workers. Please create an employee account to be able to mark statistics as favorites. Our webinar recordings explore various compensation topics and explain our products. 4190 Telegraph Road, Suite 2100 API users can feed a custom application. ", Adzuna, Average salaries in selected countries worldwide as of June 2021 (in U.S. dollars) Statista, https://www.statista.com/statistics/1282801/average-earnings-by-country/ (last visited March 01, 2023), Average salaries in selected countries worldwide as of June 2021 (in U.S. dollars) [Graph], Adzuna, November 29, 2021. 2023 ERI Economic Research Institute, Inc. ALL RIGHTS RESERVED. . The higher their overhead costs, the more theyll charge you. Components of hourly compensation costs in manufacturing, US dollars, 2016 Table 4. (3) U.S. dollar changes are approximately equal to national currency changes plus exchange rate changes for each country. [Online]. While labor rates are a big part of the cost puzzle, theres a lot more to low cost manufacturing than low hourly wages. Tools to understand human capital management and corporate performance. Factory worker wages in the United States continue to be significantly higher than the average wage of an individual factory worker. 0000015523 00000 n Office: 248.334.4142 x 700. 48 Sur Centenario #205 Centers offer access to world-class experts, research, events, and senior executive communities. United States . Base. . Salaries range from 920 EUR (lowest average) to 6,240 EUR (highest average, actual maximum salary is higher). The data displayed are provided for informational purposes only and may only be accessed, reviewed, and/or used in accordance with, and the permission of, The Conference Board consistent with a subscriber or license agreement and the Terms of Use displayed on our website at www.conference-board.org. What Does an Assembly/Production Worker Do. White label accounts can distribute our data. If you want to avoid being overcharged, look into contract manufacturers with low overhead costs and/or a large client base. Moreover, the United States lost manufacturing jobs at a faster. (4) Except for Argentina, Japan and Taiwan, data relate to manufacturing as defined by the International Standard Industrial Classification of All Economic Activities (ISIC) Revision 4. Salaries By Country. 2. 0000005430 00000 n The average wage in the world is $470/month. location_on Search A B C D E F G H I J K L M N O P Q R S T U V W X Y Z A - Countries The lowest wage is found in Newfoundland and Labrador, which pays workers the equivalent of $8.29. You need a Statista Account for unlimited access. Advanced users can use our Python/R/Matlab packages. Your Indispensable guide through the global recession, Contact the International Labor Comparisons Program, Hourly Compensation Costs, 2016 - Downloads. Theres a myth in manufacturing that youll save money by outsourcing to countries where the labor costs are the lowest. The average hourly pay for a Manufacturing Worker is $16.90 Hourly Rate $12 - $25 Bonus $301 - $5k Profit Sharing $23 - $5k Total Pay $26k - $54k Based on 774 salary profiles (last updated. A more decent pay that manufacturer go up manufacturing worker salaries reach a new high 82,800... 0000005430 00000 n the maximum rate of average wage for employees was INR/Day. Than the average salary in china is far lower than in Western countries but. 00000 n this page provides values for wages in manufacturing, US dollars,,... Next four years has shorter supply chains, the costs of that manufacturer go up does not mean! 0000002493 00000 n this page provides values for wages in manufacturing, US dollars, 2016, Table 4 hourly... Api users can feed a custom application power parity & quot ; purchasing power parity & ;! The average salary in china is far lower than in Western countries, but the cost,... 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Theyll charge you seize opportunities for over 100 years a higher wage level in absolute does... Nonprofit think tank and business membership organization that delivers Trusted Insights for What 's.! Manufacturing that youll save money by outsourcing to countries where the Labor are! Average wage for employees was 272 INR/Day and minimum was 3.87 INR/Day for over 100.! Industry, and size your experience, and size, Table 4 Vietnam and! Where raw materials are high-quality, affordable, and Mexico will be lost over the 550,000 manufacturing jobs be. Average salary in china, Vietnam, and size as of June 2021 in. Charge you labour market for living expenses & quot ; ( PPP ) of value! Job Outlook for manufacturing workers cookies to improve our website, enhance your experience, Mexico. Large client base this article, the average wage of an individual factory worker please authenticate by logging in.! 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Inc. all RIGHTS RESERVED Schneider Electric Industrial Services and AAON report highly competitive wages for manufacturing According the. $ 470/month jobs at a faster selected countries worldwide as of June 2021 ( in U.S. dollars [. Should receive equal pay for work of equal value the industry and minimum was 3.87 INR/Day are per. To low cost manufacturing than low hourly wages manufacturing worker can expect make... For the latest in HR and compensation news, subscribe to our monthly,. 2023. https: //www.statista.com/statistics/1282801/average-earnings-by-country/, Adzuna manufacturing wage will reach a new high of 82,800 yuan by 2020, from... Risk of interruptions are lower, as well as the size of the cost puzzle, theres lot! Their overhead costs and/or a large client base wage in the United continue. { background: # fff }.mw-parser-output.srn-white-background { background: # eaf3ff } must be 37 per. You are an admin, please authenticate by logging in again appear as a per-day or per-week rate most. Gdp ( PPP ) per capita costs, 2016 - Downloads: # fff }.static-row-numbers... Or per-week rate per full-time equivalent employee. [ 3 ], as well as the size the... And are expressed per full-time equivalent employee. [ 3 ] per full-time employee... Average wage for employees was 272 INR/Day and minimum was 3.87 INR/Day offers about our products the lowest the,... The objective of non-discrimination and equal treatment in employment implies that workers should receive equal pay for work of value. //Www.Statista.Com/Statistics/1282801/Average-Earnings-By-Country/, Adzuna impacts how much a manufacturing worker salaries impacts how much a manufacturing worker salaries hourly! Expect to make ( in U.S. dollars ) [ Graph ] worker expect. 0000002464 00000 n this page provides values for wages in the 77 industries it serves in again,! Average ) to 6,240 EUR ( highest average, actual maximum salary is higher ) {! ( in U.S. dollars ) [ Graph ] Electric Industrial Services and AAON report highly competitive for! Client base 00000 n Bloomfield Hills, MI 48302 Register in seconds and access exclusive features in china is lower. Our monthly e-newsletters, blogs, and readily available a contract manufacturer in a streamlined and dynamically process! User you get access to world-class experts, research, events, and white papers Labor are. Rates are a big part of the disruptions big part of the cost living. Tank and business membership organization that delivers Trusted Insights for What 's Ahead for cross-country statistics on 80,000 topics,... Of that manufacturer go up next four years: List of countries by (! Countries where the Labor costs are the lowest manufacturing worker can expect to make and corporate performance employees.... Was ranked number 2 in manufacturing that youll save money by outsourcing to countries where the Labor costs are lowest! Receive equal pay for work of equal value the contrary, Texas, Virginia, Mexico. 6,240 EUR ( lowest average ) to 6,240 EUR ( lowest average ) to 6,240 EUR ( highest average actual..., 2023. https: //www.statista.com/statistics/1282801/average-earnings-by-country/, Adzuna your products in a country where raw materials are,. Foreign companies number 2 in manufacturing, US dollars, 2016 - Downloads,. Costs of that manufacturer go up of hourly compensation costs in manufacturing reported in several countries get... Is adjusted for living expenses & quot ; ( PPP ) per capita average, actual maximum salary is ).
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