For the first time in decades, employers and unions are diligently complying with the collective bargaining agreements reached. In spring, a few days after First of May, the CEOE agreed with CCOO and UGT on a path of salary increases for the period 2023-2025. The highest representatives of the social agents urged their sectoral negotiators to close their collective agreements with salary increases of at least 10% in three years. According to 4% for 2023 and 3% for 2024 and 2025, respectively.
At the moment, the collective agreements signed in 2023 attest to a salary revaluation of the 4.1%, according to the latest records of the Ministry of Labor. Although the agreements closed in subsequent years and in force for the current period reduce the global salary variation figure to 3.5%. Which means that at the end of 2023, the majority of employees have still lost purchasing power.
An average, despite being diluted, above current inflation levels. Which is allowing the majority of employees to recover part of the purchasing power lost last year, which meant a deep drain on salaries. The forecast is that next year prices will continue to moderate and wage increases will remain similar or slightly more contained than the current ones.