Spain Boosts Minimum Wage by 4.4%

Spain's government, led by Labour Minister Yolanda Diaz, has approved a 4.4% increase in the minimum wage, marking the seventh rise under the Socialist administration since 2018. The minimum wage will rise by 50 euros to 1,184 euros per month, benefitting over 2.5 million workers.

Spain's government has announced a 4.4% increase in the minimum wage for the current year, confirmed Labour Minister Yolanda Diaz. This marks the seventh wage hike under the current Socialist-led administration, which took office in 2018.

The adjustment will raise the minimum wage by 50 euros, bringing it to 1,184 euros per month, to be distributed over 14 payments, including additional salaries in July and December. According to Diaz, this increase signifies a 61% overall rise since 2018, surpassing the 23% inflation rate over the same period.

The new wage regulation, effective retroactively from January 2025, is expected to impact over 2.5 million workers, with a particular focus on women and young employees. The main trade unions, UGT and CCOO, have agreed to the terms, while the CEOE, representing employers, pushed for a smaller 3% raise and chose not to endorse the agreement.

(With inputs from agencies.)