The Council of Ministers in Portugal has officially sanctioned an increase in the national minimum wage, the salary in Portugal has elevated from the existing 760 euros to 820 euros, effective January 1, 2024. This decision is in accordance with the commitments outlined in the Reinforcement of the Medium-Term Income Improvement Agreement, Salaries, and Competitiveness, as communicated in an official statement by the Government.
The government’s release underscores the significance of this adjustment, highlighting that it translates to a substantial monthly increment of 60 euros. Notably, this marks the most substantial increase in the minimum guaranteed monthly salary to date, representing a notable surge of 7.9%. The move is reflective of the government’s dedication to improving income conditions in alignment with the aforementioned agreement.
The approved wage adjustment to 820 euros for the upcoming year is a key component of the broader agreement established in October during the Social Concertation between the Government and various social partners. It’s important to note that this agreement did not include the participation of CGTP and CIP – Confederação Empresarial de Portugal.
The decision to increase the minimum wage aligns with broader efforts to enhance income and competitiveness within the country. As Portugal works towards reinforcing social and economic agreements, this wage hike is positioned as a pivotal step to ensure fair compensation and better living standards for the workforce. The government’s commitment to this wage adjustment signals a proactive approach to address economic challenges and underscores their dedication to fostering a more robust and equitable labor market.
