Finance, Forex and Investments

How do I figure out how much to pay workers abroad?

I know all you need is a Google calculator to find currency exchange rates. However, for example, $11,000 = 500,000 rupees. I doubt that someone in India could live an equivalent life in India making 500,000 rupees as someone in the US making $500,000. However, $500,000 is India would indeed go farther that $500,000 in the US. So how do I calculate exchange rates in terms of standard of living?

Public Comments

1. Rather than convert US wages, check and see what the prevailing wage is for the country you're interested in. There must be a job in that country equal to the one for which you want to know the wages. You pay a fair rate for that country. There has to be information about what the wages are for various jobs in the country you're interested in.