25th February 2024
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Spain to increase minimum wage by 5%, to €1,134 gross, over 14 payments

The Spanish government has reached an agreement with the country’s unions to raise the minimum wage in 2024 by 5%, representing €54 per month over 14 payments.

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

It means that in real terms 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 in 2024, €756 more compared to the previous year.

Spain’s Ministry of Labour and Social Economy agreed to the minimum wage rise with unions UGT and CCOO on Friday morning, even though Spain’s business association CEOE had pulled out of the talks after the government didn’t accept its conditions.

Prime Minister Pedro Sánchez tweeted: ‘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.’

ALSO READ: Spain raises minimum wage by 8% for 2023, making it €15,120 gross a year.

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