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Spain approves salary increase of 4 per cent
Additional wage bumps will be applied to workers in Spain in 2024 and 2025
After months of deliberations, employers and workers' unions this week approved a salary increase of 4% that will be applied to wages throughout 2023. Next year, and during 2025, pay hikes of 3% will be implemented. Furthermore, the agreement includes a review clause, which means that salaries could be bumped up by another 1% depending on inflation.
One of the priority objectives of this agreement is to compensate for the loss of purchasing power of households due to the rise in inflation and the general increase in the prices of goods and services.
"It is an agreement that will give stability to the self-employed, companies and workers and that will guarantee social peace next year," vice president of the CEOE union Lorenzo Amor stressed.
Are the wage increases mandatory?
In short, no. The agreement signed between the unions and employers is known as the 'Agreement for Employment and Collective Bargaining (AENC)' and includes a series of recommendations to negotiate collective agreements in the future.
Essentially, it means that the measures can be adapted to each business sector and adjusted based on the particular financial situation.
In Spain, unions and employers have been signing collective bargaining agreements that include wage adjustments since 2002. And in these two decades wages have grown even above what the agreed guidelines have set.
Image: Freepik
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