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.
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