{"id":2005,"date":"2024-02-27T08:50:29","date_gmt":"2024-02-27T07:50:29","guid":{"rendered":"https:\/\/www.educapharos.com\/?p=2005"},"modified":"2024-02-27T08:50:29","modified_gmt":"2024-02-27T07:50:29","slug":"smi-interprofessional-minimum-wage","status":"publish","type":"post","link":"https:\/\/educapharos.com\/en\/blog\/noticias-actualidad\/smi-salario-minimo-interprofesional\/","title":{"rendered":"What is the minimum wage, and how has it changed in recent years?"},"content":{"rendered":"

The National Minimum Wage (SMI) is an amount set annually by the government by law, representing the minimum amount a worker must be paid for a day\u2019s work, regardless of the type of contract, sector, or activity. <\/strong><\/p>\n\n\n\n

The purpose of the SMI is to ensure a decent standard of living for workers and their families,<\/strong> as well as contribute to social cohesion and economic development.<\/p>\n\n\n\n

The Minimum Wage It is determined based on various factors, such as the cost of living, productivity, employment, economic growth, and social dialogue<\/strong>. Furthermore, it must comply with the principle of non-discrimination on the basis of sex, age, origin, or any other personal or social circumstance.<\/p>\n\n\n\n

The minimum wage can be expressed in different ways: hourly, daily, monthly, or annually. In Spain, the minimum wage is usually calculated based on 14 pay periods<\/strong>, that is, taking into account the two bonus payments received in June and December. <\/p>\n\n\n\n

However, It can also be calculated based on 12 payments,<\/strong> by spreading the bonus payments over each monthly paycheck. Likewise, the minimum wage can be adjusted for part-time work, being reduced in proportion to the number of hours worked.<\/p>\n\n\n\n

In recent years, The minimum wage has risen significantly in Spain<\/strong>, rising from 655.20 euros per month in 14 payments in 2016 to 1,134 euros per month in 14 payments in 2024, representing a 73% increase over eight years. This trend is due to the political will to improve the purchasing power of lower-income workers, as well as to bring Spain\u2019s minimum wage closer to that of other European countries with similar income levels.<\/p>\n\n\n\n

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