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The salary increase agreed in the agreement until June manages to exceed the CPI average

Date: December 3, 2023 Time: 10:29:28

The wages agreed in the agreement have been increased up to the month of June, which was 3.26%, above the inflation rate that stood at 1.9% anticipated for that month, although more than two points per below core inflation, which stood at 5.9% in June.

According to the statistics of collective agreements of the Ministry of Labor – and collected by Efe – updated this Monday, this increase is 8 tenths higher than that of June last year, 2.45%, and is the same as that registered a month ago. The increase was greater in sectoral agreements, 3.28%, than in company agreements, 3%. Company agreements affect more than 500,000 workers and sectoral agreements, more than 7.8 million. The salary increase of the agreements signed in 2023 was 4.21%, while in those signed before, but with effect this year, it was 3.02%.

An agreement that affects more than 8 million workers

By sectors, the greatest rise was for agriculture, with 3.63%; followed by services, with 3.37%; construction, with 3.02%; and industry, with 2.97%. In total, the data corresponds to 2,707 collective agreements with known economic effects and registered until that month in 811,100 companies and which prospered 8.3 million workers.

Regarding the wage guarantee clause, the June data shows that of those more than 8 million workers covered by agreements, almost 2 million had these mechanisms. The salary guarantee clause allows the salary to be revised upwards each year based on the consumer price index (CPI) to protect your purchasing power.

By agreements, of the 2,707 registered, 397 have this salary guarantee clause: 278 with retroactive effects and 119 without these effects. The CCOO and UGT unions and the CEO-Cepyme employers signed in April a new agreement for employment and collective bargaining (AENC) that recommend wage increases of 4% for this year and 3% in 2024 and 2025, and includes a clause guarantee of 1% in case inflation exceeds the previous figures.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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