Spanish Prime Minister Mariano Rajoy signed on Tuesday an agreement with unions and companies’ representatives to raise the country’s minimum wage, local media reported on Tuesday.
Spain’s minimum wage would be raised by 4 percent in 2018 to 736 euros (873 U.S. dollars) per month from the current 707.6 euros.
The following year, it would be raised to 773 euros, a 5-percent increase, and in 2020 the wage would stand at 850 euros per month, increasing by 10 percent.
These increases would be implemented if the country experiences a real GDP growth of more than 2.5 percent and the average amount of people affiliated to the social security system surpasses 450,000 people.
Rajoy said that job creation “is and will continue to be the main goal of his term”. “We want economic recovery to reach everyone’s household and all wages, especially the lowest and that is why we are going to improve them”, he said.
The Spanish government is expected to pass the increase at Friday’s cabinet meeting.