Spain: Unions and employers agree to raise wages

MADRID: Spain’s main unions and representatives of employers reached a preliminary agreement on Friday to grant a 4% wage increase across the board in 2023, El Pais newspaper reported, citing unidentified sources close to the negotiation.

The agreement also included wage increases of 3% in 2024 and in 2025, the newspaper as well as other Spanish media reported.

Inflation rose in Spain in 2022 by an average of 8.4%, while wages barely grew by 3%, which has resulted in a sharp loss of purchasing power for workers.

The government has been urging employers and unions to reach this agreement for months.

Spokespersons for the unions and the employers told Reuters on Friday that the talks were still underway.