How many hours do people need to work to earn enough money to buy a Big Mac in Korea? According to the Big Mac minimum wage index by U.S. market researcher ConvergEx Group, the answer is now 42 minutes or 0.7 hours, CNBC reported on Tuesday.
Korea's minimum wage is W4,860 (US$1=W1,118) at present.
The index is modified based on the Big Mac Index created by Britain's the Economist in 1986 as "a lighthearted guide to whether currencies are at their 'correct' level." By comparing how many hours it takes to earn enough to buy a Big Mac at minimum wage in over 120 countries, the U.S. index indicates how a country's minimum wage stacks up internationally.
Australia tops the scale at 18 minutes, based on a minimum wage of US$16.88 per hour. At the other end of the spectrum is Sierra Leone, where it takes workers a whopping 136 hours to afford the same burger due to the Western African nation's abysmally low minimum wage of 3 cents per hour.
Workers in Japan and Hong Kong have to put in just 0.5 hours for the same McLovin' experience, while their counterparts in China would need 3.1 hours, or a more grueling 5.8 hours in India.
In the U.S. it would take 0.6 hours of work to afford a Big Mac.