IT MAY NOT mean much for those on minimum wage, but Ireland has the fifth-highest minimum wage in Europe.

Here, those over 18 with experience are entitled to €8.65 an hour.

Only Luxembourg, France (including Monaco), Belgium and San Marino have higher hourly rates.

Hourly rates are the most useful measurement for wages as European countries having varying work weeks.

Here’s what Europeans earn an hour.

Which is great, right? We’re raking it in, the Ukrainians are on 44 cent an hour and times are good.

Except…

As well as having a high minimum wage and a relatively high average industrial wage, Ireland is a comparatively expensive place to live.

In fact, only Luxembourg, Iceland, Denmark and Norway have higher costs of living, as of the middle of 2014.

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Added to that, Ireland ranks highly on the Numbeo Rent Index, with only the Dutch, Danish, Icelandic, British, Luxembourgians and Norwegians paying more.

Groceries  and restaurants are also comparatively expensive for Irish people.

Read: Minister: Strong argument for raising the minimum wage as economy recovers

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