Representatives of Spain’s leading labour unions and employers’ federations have struck a compromise agreement to raise the benchmark monthly minimum wage by 5 percent to 950 euros per month, effective immediately.
Meeting Wednesday with Yolanda Diaz, the new Unidas Podemos Minister of Labour in the coalition government, organized labour and employers’ representatives quickly agreed a deal that will see the benchmark salario mínimo interprofesional (SMI, “Interprofessional Minimum Salary”) earned by more than 2 million workers nationwide increase by 50 euros per month.
The compromise accord calls for 12 monthly payments of 950 euros to workers earning the minimum salary, plus two additional bonus and holiday payments of 950 euros each, for a total of 13,300 annually.
That amount falls short of the 1,000 euros monthly (14,000 annual) sought by the labour unions, but represents a compromise victory for workers given that employers were balking at any new increase following the 22.3 percent SMI rise imposed by the previous PSOE government of Spanish President Pedro Sánchez in December 2018. The largest minimum wage hike in decades, the December 2018 increase to the SMI was passed by Decreto Ley after representatives of organized labour and employers federations failed to reach agreement.
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