Spanish retailer Mercadona raises all salaries by 2021 inflation rate
Reuters
Published Jan 21, 2022 11:50
MADRID (Reuters) - Privately owned Mercadona supermarket chain, Spain's largest retailer by revenue, will raise the wages of all employees by 6.5% to match the country's annual inflation rate last year, it said on Friday.
Mercadona's move is in an effort to protect the purchasing power of its 93,000 employees, the company said in a news release.
The lowest wage at the supermarket chain in 2022 will be 1,425 euros ($1,614.95) a month, 87 euros more than in 2021, the company said, and 440 euros more than the country's legal minimum wage.
Spain's annual inflation rate rose to a three-decade high of 6.5% as a result of higher energy prices and supply chain disruptions feeding through to other consumer prices.
The head of Spain's central bank, Pablo Hernandez de Cos, has recently said that inflation would remain high in the early months of 2022 but would gradually fall in the second half of the year, provided higher costs of living do not translate into broad wage increases.
($1 = 0.8824 euros)
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.