Minimum wage is the lowest hourly pay rate that employers are legally required to pay their workers. It is set by law or regulation and is intended to protect workers from exploitation and ensure a basic standard of living. Minimum wage laws vary by country and, in some cases, by region within a country. The amount can be influenced by factors such as cost of living, economic conditions, and political considerations. Adjustments to the minimum wage can occur periodically to reflect changes in inflation and living standards. Advocates argue that raising the minimum wage can reduce poverty and stimulate economic growth, while detractors often contend that it can lead to job losses or increased costs for businesses.
The Minimum Interprofessional Wage (SMI) in Spain will rise to €1,184 per month in 2025, a €50 increase. This adjustment represents a 4.4% increase, positively impacting around 2.5 million workers.…