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November 26, 2014

Bank of Spain believes that it is already possible to raise salaries

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Bank of Spain believes that it is already possible to raise salaries

Central Bank of Spain believes that “at present there are favourable circumstances which permit” that the most dynamic and competitive enterprises in the country have improved their performance and productivity, and are able to raise the salaries of its employees, said the General Director of this state institution, José Luis Malo de Molina during the official presentation of the results of companies in the non-financial sectors until September 2014, developed by the central office of the balances of the Bank of Spain.

“The Spanish economic reality actually allows to improve the competitiveness of enterprises with greater differentiation of salaries across sectors and companies”, – Malo de Molina said, before considering the general trend of salary moderation, which is now comparable with the “differentiation of remuneration”, according to which company it is. In fact, the most “dynamic” companies have entered a phase in which already have the ability to “remain competitive and able to pay higher salaries. This economic scenario is here, and competitiveness can be compatible with wage growth higher in companies with excellent growth potential “, marked the CEO of the Bank of Spain, José Luis Malo de Molina said.

At the same time, according to official figures, the increase in average salary in Spain this year will remain at around 0.6%, according to the collective agreements signed in 2013 between employers and unions.

Currently, business and union representatives are negotiating the renewal of the agreement for the next two years (2015 and 2016). These negotiations should be closed until December this year, but whether it will include higher salaries or not, still remains unclear.


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