Spain’s 22% Minimum Wage Hike Aligns Pay Ratio With EU Peers
(Bloomberg) -- The Spanish government’s decision to raise the national minimum wage by 22 percent in January is a progressive measure -- the country’s low-paid workers currently get significantly less than their peers in the rest of Europe. Bloomberg Economics anticipates that the increase will spill over, with declining strength, to all employees earning up to 50 percent above the minimum wage. That would threaten Spain’s international competitiveness, which has been painfully restored since the financial crisis.
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