Spain's Socialists reach deal with Podemos to raise minimum wage in 2019 budget

Spain's Socialists, which hold a minority in parliament, reached a deal with anti-austerity party Podemos on Thursday to raise the minimum wage in an important step toward passing the 2019 budget.

The agreement included raising the minimum wage to 900 euros ($1,039) a month from the current level of 735.90 euros and helps guarantee Podemos' votes in parliament for the Socialists budget proposal.

The Socialists must now garner the backing of small, regional parties to win a majority necessary to pass the budget against the opposition from the conservative People's Party (PP) and Ciudadanos.