Spain approves 462 euro monthly minimum income for the poorest

The Spanish government approved on Friday the creation of a minimum income worth 462 euros ($514) a month for the poorest, Deputy Prime Minister Pablo Iglesias told a news conference, in a scheme that targets some 2.5 million people.

Under the decree approved at a cabinet meeting, the government would pay the monthly stipend and top-up existing revenue for people earning less so that they get at least that minimum amount every month, Iglesias told reporters.

The minimum income would increase with the number of family members to a total of up to 1,015 euros per month. The new program aims to reach 850,000 households or 2.5 million people and would cost the government about 3 billion euros a year. ($1 = 0.8981 euros)