The Ministry of Labour and Social Economy and the CCOO and UGT unions reached an agreement on Friday to increase the Minimum Interprofessional Wage (SMI) for 2024 by 5%. This figure represents an increase of 54 euro per month more in 14 payments, that is, a total of 756 euro per year.
The representative of businesses had wanted 3% initially, the Government proposing 4%, but the final agreement being 5%. The measure will be implemented retrospectively to 1 January this year, so should be reflected in the next pay packet.
Since 2018, the SMI has increased, with today’s increase, by 54%, which means that working people receive 5,573 euro more per year.
Domestic workers who work hourly will receive at least 8.87 euro for each hour.
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