Turkey and Poland best value for Luxembourg holidaymakers
By John Monaghan and Nadia Di Pillo
Turkey and Poland are the cheapest destinations for Luxembourg holidaymakers this summer, according to the latest statistics from the Organisation for Economic Co-Operation Development (OECD).
The survey, published on Monday, shows how far Luxembourg salaries would stretch in other countries when purchasing power differences – the gap between salaries and the cost of living - are taken into account. Luxembourg boasts the highest legal minimum wage in the entire EU, at more than €2,000 per month.
Summer travel is set to suffer major disruption for the second consecutive year amid concerns over new strains of the Covid-19 virus, despite the introduction of travel certificates which will be recognised across all 27 EU countries as well as in Switzerland, Norway, Iceland and Liechtenstein from Thursday.
Turkey offers the best value for money of any of the popular holiday destinations, with €1 enabling travellers to buy goods that would cost €1.71 in Luxembourg, largely due to the weak exchange rate for Turkish lira.
Vacations in several other countries provide the chance to make major savings, with €1 worth of items in Poland, Hungary and Mexico setting holidaymakers back more than €1.50 in Luxembourg.
In three countries however – Norway, Denmark and Switzerland - a holiday will prove to be more expensive, most notably in Switzerland, where €1 in Luxembourg equates to just 78 cents.
The average gross annual salary in the Grand Duchy is €64,932, which represents almost double the European average and is eight times the rate of pay in the lowest-ranked country, Bulgaria, according to a report by Statec earlier this month.
At the end of May Statec announced that wages in Luxembourg are expected to rise by 2.5% before the end of this year, in order to keep pace with inflation.
Luxembourg’s minimum wage increased by 2.8% at the start of the year, despite strong criticism from business groups. The basic minimum gross monthly salary for unskilled workers currently stands at €2,201.93, rising to €2,642.32 for employees with qualifications.