A Note on Local Wages

I know I’ve written about this topic before, but today I was able to compare between what people make at the local bank where I do my personal banking and what a taxi driver makes. Again, I was astonished.

I’ve made a friend at the bank who is open to discussing things with me about work. She told me that the monthly salary for a bank employee (e.g. a teller) is around $150 per month. This was confirmed by a guy who works at the money exchange center of the same bank.

Later in the day, I confirmed with a taxi driver (who said he didn’t own his own car but worked for someone else) that he can make between $300-$400 a month.

I wish I better understood the economics of local employment because it seems backward that a taxi driver who never attended university (another question I asked) is able to make twice as much per month as someone in charge of managing bank accounts. I am not trying to make a value judgement on the quality of these two people, but I am rather commenting on the fact that one person had to invest more time (and probably money) into an education without seeing a comparatively higher financial payback.

If I had to take a guess, there are so many people who have a “university education” (which I’m learning may not mean a whole lot), that salaries get pushed way down, whereas the flooding in of comparatively wealthy foreigners are driving up taxi demand and taxi fares.

One thought on “A Note on Local Wages

  1. I just saw a documentary on someone at the garment factories in Columbia. She makes $130 a month, and she would need to spend her year’s salary to buy what she made at a store. Not really related to the point here…but I just thought that markets are often not fair.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s