Start of marked textTWEET IT! News on the SMI for 2024! Proposal: a 4% increase, reaching €1,123/month in 14 payments.End of marked text
What is the SMI?
The minimum wage is the minimum remuneration that a worker receives for his or her activity during a legal working week of 40 hours. In the case of part-time jobs, the minimum wage is prorated.
Companies must apply the SMI to their employees' salaries. No worker can earn less than this amount.
The SMI is reviewed every year and to modify it, aspects such as:
The increase in the CPI . For example, in recent years we have seen a significant increase in the prices of fuel, energy and food.
The national average productivity .
Average salary . Currently, the minimum wage is around oil and gas email list 60% of the average salary in Spain.
The average wage increase in collective agreements .
The general economic situation .
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Who benefits from the increase in the SMI in 2024?
The increase in the minimum interprofessional wage planned for 2024 benefits various sectors and workers. We highlight the following:
Working women . In Spain there is a gender pay gap. The average salary for women in 2022 was 1,941.17 euros per month (in 12 payments with the extra payments prorated). This amount represents 84.2% of the average salary for men, which is 2,303.50 euros. The difference is 15.8 points, which is the existing pay gap.
These figures must be compared to full-time employees, who in Spain are 57.5% women and 43.5% men. For this reason, when the SMI increases, it benefits above all women who earn less than the established amount.
Young people . They are another group that benefits from the increase in the minimum wage, because they often earn that wage when they enter the workforce.
