Portugal’s government has announced that the national minimum wage will rise from 760 euros to 820 euros per month, starting from January 1st, 2024. This is the highest increase in the minimum guaranteed monthly salary, representing a 7.9% raise. The government said that this decision is in line with the agreement signed in October 2023 with some of the social partners, such as trade unions and employers’ associations, to improve the income, salaries, and competitiveness of the Portuguese economy. However, not all social partners agreed with the measure, as the General Confederation of Portuguese Workers (CGTP) and the Business Confederation of Portugal (CIP) did not sign the agreement. The CGTP argued that the increase was insufficient and demanded a minimum wage of 850 euros, while the CIP warned that the raise could harm the competitiveness and sustainability of some sectors, especially those affected by the COVID-19 pandemic. The government defended the increase as a way to reduce inequalities, boost domestic demand, and promote social cohesion. The government also pledged to review the minimum wage annually, taking into account the economic and social indicators, as well as the European Union’s goal of reaching 60% of the median wage by 2030.
Source: https://www.theportugalnews.com/news/2023-11-10/government-approves-increase-in-minimum-wage/83123