the minimum wage will be increased in January by 7.9% to counter the effects of inflation

The minimum wage in Portugal will be increased from January by 7.9%, from 760 to 820 euros over 14 months, according to an agreement signed on Saturday October 7 by the government and some of the unions and representatives of employers. “This agreement ratifies salary increases and improves the competitiveness of the Portuguese economy”welcomed Socialist Prime Minister Antonio Costa, emphasizing that this was the largest annual increase in the minimum wage ever observed.

In Portugal, employees receive their monthly salary 14 times, with a 13th salary at Christmas and a 14th during the summer holidays. According to forecasts published last week by the Bank of Portugal, the Iberian country is expected to experience inflation of 5.4% for the whole of 2023, after a price increase of 7.8% last year. The document was subscribed by the UGT trade union confederation, more moderate and close to the Socialist Party, but not by the majority CGTP confederation, historically close to the Communist Party.