[Spain] Minimum wage set to increase by 5% over 14 payments

In Spain, the government has agreed with unions to raise the national minimum wage 2024 by 5 per cent in 2024, Spain in English reports.

The hike will take the country’s ‘minimum interprofessional wage’ (SMI in Spain) up to €1,134 gross over 14 payments - 12 monthly and two extra - as is customary in Spain. 

In real terms, this reportedly means that the minimum wage increase per month for 2024 is €63, and the minimum monthly wage (if seen as 12 payments instead of 14) is €1,323 gross. 

Minimum earners will receive a total of €15,876 this year, €756 more than in 2023.

On January 12, Spain’s Ministry of Labour and Social Economy reached an agreement on the minimum wage rise with unions UGT and CCOO, despite business association CEOE pulling out of the talks after the government failed to accept its conditions.

Prime Minister Pedro Sánchez reportedly announced the news in a tweet. He wrote, “We are going to raise the Minimum Interprofessional Wage (SMI) by 5%, to 1,134 euros. An increase that will benefit nearly 2.5 million workers, especially young people and women. Since 2018, the SMI has risen 54%. It is the best tool to combat working poverty and for equal pay. We continue on the path of fulfilling the commitment of placing it at 60% of the average salary in Spain. Because experience shows us that inequality is not compatible with well-being.”

Source: Spain in English

(Quote via original reporting)

In Spain, the government has agreed with unions to raise the national minimum wage 2024 by 5 per cent in 2024, Spain in English reports.

The hike will take the country’s ‘minimum interprofessional wage’ (SMI in Spain) up to €1,134 gross over 14 payments - 12 monthly and two extra - as is customary in Spain. 

In real terms, this reportedly means that the minimum wage increase per month for 2024 is €63, and the minimum monthly wage (if seen as 12 payments instead of 14) is €1,323 gross. 

Minimum earners will receive a total of €15,876 this year, €756 more than in 2023.

On January 12, Spain’s Ministry of Labour and Social Economy reached an agreement on the minimum wage rise with unions UGT and CCOO, despite business association CEOE pulling out of the talks after the government failed to accept its conditions.

Prime Minister Pedro Sánchez reportedly announced the news in a tweet. He wrote, “We are going to raise the Minimum Interprofessional Wage (SMI) by 5%, to 1,134 euros. An increase that will benefit nearly 2.5 million workers, especially young people and women. Since 2018, the SMI has risen 54%. It is the best tool to combat working poverty and for equal pay. We continue on the path of fulfilling the commitment of placing it at 60% of the average salary in Spain. Because experience shows us that inequality is not compatible with well-being.”

Source: Spain in English

(Quote via original reporting)