26 dic 2017
Spain’s Minimum Wage (SMI) 2018

Today, CEOE, CEPYME, UGT, CCOO and the Government signed the agreement on the Minimum Inter-professional Wage

Today, the President of the Government, Mariano Rajoy; the Minister of Employment and Social Security, Fátima Banes; the president of CEOE, Juan Rosell; the president of CEPYME, Antonio Garamendi and the general secretaries of unions UGT, Peep Álvaro, and CCOO, Kunai Sedro, signed in Moncloa the Minimum Inter-professional Wage (SMI, for its Spanish acronym) Agreement for 2018, 2019 and 2020.

CEOE, CEPYME, UGT, CCOO and the Government signed the agreement on the Minimum Inter-professional Wage
CEOE, CEPYME, UGT, CCOO and the Government signed the agreement on the Minimum Inter-professional Wage — ©CEOE

Employers’ representatives have deemed the Agreement, which sets a 4% increase for 2018, as reasonable and going in the right direction.  Both Juan Rosell and Antonio Garamendi pointed out that work must continue to promote research innovation, training and investment, since they are all fundamental to achieve higher quality jobs.

Juan Rosell recalled that there are still 50% of companies in Spain that do not receive any benefits. In this regard, he indicated that, while revenues from income taxes and VAT have returned to levels reached in the years prior to the crisis, Corporate Tax is still behind.

Antonio Garamendi, meanwhile, expressed the need to nurture companies because they are the ones that generate the half a million jobs that are created annually.

Following the signing of the agreement, the President of the Government recalled that the Minimum Wage increases agreed upon were: 4% for 2018; 5% for 2019 and 10% for 2020.  They will be conditioned to an annual increase in GDP of more than 2.5% and the creation of 450,000 jobs.