I’ve done a poor job of blogging recently. I should be able to move towards a more consistent schedule in the fall. But, enough about me…let’s cover some news!
Fast Food Workers Serve Us Crap
One story I’ve been following closely is the Fast Food workers that are on strike (the story can be read on Forbes). Several groups of Fast Food workers across the country are demanding an increase in their wages, from the Federal minimum wage of $7.25/hour to a whopping $15/hour.
I understand that it’s difficult to support a family on $7.25/hour. But, before anyone’s salary is doubled,
I would like to highlight the correlation between the astronomical unemployment rate in Spain and their generous employee benefits.
If Fast Food workers in America want an increase in their hourly wage, maybe they’ll be happier in Spain.
Generous Employee Benefits in Spain:
- The minimum wage in Spain is 752 Euros per month (source: Wiki)
- In relative terms, Spain has a minimum wage of roughly $12.50. (The average household income in Spain is roughly $23,000 while the average household income in the US is roughly $50,000……4.7 Euros equals $6.17…do the math)
- Spanish employees can only work a maximum of 80 hours overtime each year, which equates to 1.5 hours per week.
- Between vacation and Holidays, Spanish employees are guaranteed 44 PAID days off each year.
- If an employee is sick or injured, they can receive up to 18 months to recuperate while receiving 60% of their pay.
- A maternity leave of 16 weeks is granted by the Spanish government.
- If a company is going to fire an employee, they must give 15 days notice.
- If there is a valid reason for the firing, the employee is granted 20 days of severance pay for each year worked at the employer.
- If there is no valid reason, the employee is granted 45 days of severance pay for each year worked.
How ecstatic are the employees in Spain with their generous benefits?
Well, there aren’t that many employees anymore.
53% of Spanish companies have no employees (source: Bloomberg).
The unemployment rate in Spain is 26.9%, 57% among young people (source: The Huffington Post).
In summary, it’s easier to survive on $7.25/hour than $0/hour.