Economy The Portuguese Government approves raising the minimum wage to...

The Portuguese Government approves raising the minimum wage to 665 euros

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The socialist executive maintains the course set to reach 750 euros in 2023

The Portuguese socialist government today approved an increase in the minimum wage to 665 euros, 30 more than the current value, which will take effect on January 1, 2021.

The measure was approved by the Council of Ministers and is part of the Executive’s strategy to end the legislature, in 2023, with a minimum salary of 750 euros, said at a press conference the Secretary of State for Social Security, Gabriel Bastos.

Bastos considered that the increase in the minimum wage is an “instrumental” measure in economic recovery after the crisis caused by the pandemic and recalled that the Government is going to launch a compensation package for companies.

As previously announced by the Minister of Economics, Pedro Siza Vieira, get them will return a part of the increased costs they have with minimum wage workers, mainly from contributions to Social Security.

In addition, companies that have contracts with the State will be able to update their prices, in case they have workers who earn the minimum wage.

Prime Minister António Costa, who chaired the Council of Ministers by videoconference because it is isolated preventively due to the covid, pointed out on his Twitter profile that the increase in the minimum wage “is a little lower than last year, but maintains the course set to reach 750 euros in 2023 “.

This is the second-largest annual increase in absolute terms of the Costa Government, after last year when it rose 35 euros.

When Costa came to power in 2015, the Portuguese minimum wage was 505 euros and since then it has been increasing every year.

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