There have been questions about the PPP factors, but I can't find an answer to my problem. The cost of 1GB of internet is close (thanks!), but I need to convert from GBP £ to USD then as well? My prices are in £ not starting in $. What do I do about that?
Example We have a staff member in Thailand. We want to make sure he is paid the same rate as he would be in the UK. How do I take the UK salary amount and adjust it to the cost of living in Thailand?
If I just do a simple currency conversion, that may result in an enormous salary for Thailand. The World Bank PPP for private consumption factors are:
- UK 0.78
- Thailand 12.7
I think this means that 78p (UK) buys the same as $1 which buys the same as 12.7 THB.
What are the steps to convert a UK salary of £2000 a month to the cost of living (PPP) equivalent in Thailand?
Is it (2000 / 0.78) * 12.7?
This has been confusing me for ages.