Nearly half of young Spaniards under 25 earn a monthly gross salary below 1,252.7 euros. This amount is under the interprofessional minimum wage, which stands at 1,080 euros paid in 14 installments or 1,260 euros paid in 12 installments. These figures are confirmed by the active population survey published by INE on Friday. Wage inequality has narrowed by age group over the past decade, with the most pronounced tightening in the last five years as minimum wage rises were approved by the government under Pedro Sánchez’s administration.
The average salary in Spain was 2,128 euros gross per month in 2022. More precisely, the average salary refers to the amount that most workers receive as remuneration. A figure of 1,814 euros per month gross is reported, representing a 3.2 percent increase from the previous year while consumer prices rose by about 8 percent in the same period.
SMI and the 60 Percent Benchmark
The government aims to bring employers and unions together to decide how much the interprofessional minimum wage should rise in 2024. The governing parties have previously suggested that the SMI should be set at 60 percent of the average wage each year. According to INE data released recently, the average monthly gross salary in Spain for 2022 was 2,128.37 euros, which places 60 percent at roughly 1,277 euros gross per month. This aligns closely with the current minimum wage, though the actual figure remains 1,260 euros gross per month when paid in 12 installments.
Going forward, the Government’s expert committee will gather multiple data points to shape its proposed pay increase. The task begins with a clear definition of the average salary in Spain, followed by calculating 60 percent of that figure and recommending adjustments to the base salary accordingly.