Spain's labor ministry said it will raise the 2027 statutory minimum wage by
5.3%, a change expected to affect about 2.5 million workers. The proposal would
set the annual minimum at €18,004 (~$20,244); on a 14-pay basis that equals
€1,286 per month. The move still requires approval by Prime Minister Sánchez's
cabinet; the government had pledged to announce the increase ahead of the Nov.
29 election. Sánchez has prioritized minimum-wage increases since 2018, when the
monthly minimum was €735 (annual €10,302). The Bank of Spain forecasts 2.6% GDP
growth this year, citing domestic demand, migration-driven labor supply growth
and strong tourism.
