The increase in the minimum wage (SMI) for 2024 has finally been agreed outside of the employers’ association as businessmen do not obtain their demandss. The government and unions have agreed to increase the SMI by 5% by 2024 from the current 1,080 euros per month for fourteen payments to 1,134 euros.
This increase will be applied retroactively from January 1, 2024 and will affect more than 2.5 million workersof which a third will be women and young people.
Likewise, with the 5% increase the SMI is “on the margins” of 60% of the average salaryas explained by the confederal secretary of CCOO Union Action, Mari Cruz Vicente.
“The study by the group of experts from the Ministry of Labor last year placed 60% of the average salary at 1,085 euros per month. It is true that we were a little below, because it was 1,080, but of course with this increase of 5 %, we are on the margins,” he explained.
How is the minimum wage in 14 payments in 2024
The 5% increase means that the minimum wage will go from 1,080 gross euros per month for fourteen payments to 1,134 euros (also in fourteen payments). Annuallythe amount will increase from 15,120 euros to 15,876 euros gross.
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The increase in the SMI will especially affect workers who do not have an agreement in their company and,with a working day of 40 hours per weekwill be set as follows:
- 1,134 euros per month in 14 payments.
- 1,323 euros per month if prorated over 12 payments.
- €37.80/day.
- Total: 15,876 euros gross per year.