The Royal Decree 145/2024, published in the Official State Gazette on February 7th, marks a significant milestone by establishing the new Interprofessional Minimum Wage (SMI) for the year 2024 in Spain.
This adjustment represents a 5% increase, raising the SMI from €1,080 monthly in 2023 to €1,134 monthly in 2024, distributed across 14 annual payments. It has an annual impact of an additional €756 compared to the previous year, resulting in a total annual income of €15,876.
This directive uses 60% of the net average salary of the Member State as a reference to set the minimum wage, aligning the Spanish SMI with European regulations.
Individuals whose remuneration is below the new SMI must adjust, even if the collective agreement establishes a different amount. It is crucial to note that the effect is retroactive to January 2024, so employers must include the additional €54 in the next payroll.
The State Tax Agency (AEAT) has provided detailed information on the calculation of withholdings from February 8th, 2024, ensuring clarity and transparency in the process.
At addwill, we prioritize keeping our clients well-informed and supported. We will be glad to provide you with additional information or guidance from our professional experts in the labor department.
Feel free to contact us via phone at +34 934 875 200 or email at laboral@addwill.eu.