Alleviating living standards and poverty through insights in cost of living wages, the case of Suriname

Improving living standards and reducing poverty in Suriname requires a clear understanding of the cost of living and the relationship with wage distribution. This paper explores the standard of living and household poverty in Suriname by analyzing cost-of-living data from the WageIndicator Foundation. Literature review identifies significant differences in household welfare across geographic areas and the results so far indicate that households spend a substantial proportion of their income on housing, food, and transportation. Furthermore, poverty risk in Suriname is greatly influenced by inequalities on the labor market and in income, the effects of inflation, and policy deficiencies. Therefore, this study will help to better understand household and individual poverty and guides policymakers in developing solutions, regarding wages, social protections, and economic reforms, that improve financial stability and social well-being especially among vulnerable groups.