2023-10-07 17:33:24
It will increase by 7.9% from January, from 760 to 820 euros over 14 months, according to an agreement signed on Saturday by the government and some of the unions and representatives of employers.
The minimum wage in Portugal will be increased from January by 7.9%, from 760 to 820 euros over 14 months, according to an agreement signed on Saturday by the government and some of the unions and representatives of employers. In Portugal, employees receive their monthly salary 14 times, with a 13th salary at Christmas and a 14th during the summer holidays.
The reference given by social consultation in terms of updating income for next year has also been revised upwards, to 5% compared to 4.8% in 2023. “This agreement ratifies salary increases and improves competitiveness of the Portuguese economy”, welcomed Socialist Prime Minister Antonio Costa, stressing that this was the largest annual increase in the minimum wage ever observed.
Agreement which was not unanimous
The document was subscribed by the UGT trade union confederation, more moderate and close to the Socialist Party, but not by the majority CGTP confederation, historically close to the Communist Party.
On the employers’ side, the most important association representing Portuguese companies, in particular the industrial sectors, also refused to sign the agreement, which was, however, supported by representatives of the trade and services, tourism and of agriculture. According to forecasts published last week by the Bank of Portugal, the Iberian country is expected to experience inflation of 5.4% over the whole of 2023, following a price increase of 7.8% last year.
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