By Isha Sesay • 04 February 2020 • 15:37
THE Spanish Government has officially approved the decree that includes the increase in the minimum wage (SMI) to €950 euros, an increase of 5.5% from 2019. The increase will take effect from January 1st and will be applied retroactively.
Announcing the signing, María Jesús Montero, the Minister of Finance, stated the government’s intentions to continue to increase the minimum wage over the current legislature, where it is their objective for it to reach between €1,000 and €1,200.
The minimum salary in Spain thus stands at 950 euros per month in 14 payments, which is essentially 13,300 euros per year, an increase of 5.5% compared from 12,600 euros which was received last year.
Broadly speaking, the rise of the SMI seeks to “improve the living conditions” of workers, benefiting some two million people. As a result of the increase in salaries, the Social Security service will also benefit, increasing its income by approximately 158.9 million euros this year.
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