Minimum wage divided by cost of living? Is there some commonly known indicator that is defined as:  Minimum wage divided by cost of living? I mean, I could call it that way, but perhaps people already have this indicator with a certain specific name or they have a better one for the purpose I'm looking for.
There is the Kaitz-Index, which relates the minimum wage to the average hourly wage, thus facilitating cross-country comparisons on the minimum wage level. The OECD has compiled it here. There you'll also find other metrics comparing minimum wage levels across countries.