Posted on 12/02/2016 9:17:47 PM PST by Olog-hai
Spain’s minority conservative government on Friday approved raising the country’s minimum monthly wage by 8.0 percent in 2017 to €825.50 ($876) as demanded by the main opposition Socialists.
Finance Minister Cristobal Montoro said the rise — approved at a weekly cabinet meeting — was “negotiated with other political groups”.
The minimum wage will rise from €764.40 to €825.50, an increase of €61.10.
That is higher than the monthly minimum wage of €618 in neighboring Portugal, but far lower than the minimum wage of €1,467 in France. …
(Excerpt) Read more at thelocal.es ...
Assuming the standard 2080 hour year, that would be $5.05 per hour.
I read it as $876@month. Ow.
Spain has chronic unemployment rates approaching 20% and youth unemployment rates of 50%. What do the Spanish do....double down on stupidity. Whatever one things of the Social-Democrats in Germany at least they wised up and implemented major labor market reforms when they were in power.
With Eurocrats like this, who needs ISIS?
That’s just the ticket for an economy at the brink of collapse!
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