The minimum wage increase is the largest rise since 1977, increasing salaries by 22% to a minimum of €900 per month. The decree sets out a minimum salary of €12,600 per year and applies to both permanent and temporary workers. The rise will benefit 2.6 million people, representing around 15% wage earners, according to Spanish union UGT.
Investors who collectively lost millions in deposits paid on unbuilt homes in Spain are seeking financial compensation through the Spanish courts. Thousands of investors, both from the UK and Ireland, have been fighting for compensation since the Spanish property market crashed, leaving many off-plan purchasers without a property and thousands of Euros out of pocket.
Unemployment levels in Spain have been falling but still a third of youths are unemployed. Many people in Spain have struggled to find continuous and steady work since the economic crisis, especially so for the younger generation. Many people in their 20’s are financially “dependent on their parents, and sometimes their grandparents”, says Labour Minister Magdalena Valerio.
The number of property purchases in Spain financed by the means of a mortgage increased by 9.5% in September, new figures show. A total of 32,457 mortgages were approved during the month, the highest figure seen during any month since June 2011, reports newspaper Murcia Today. Meanwhile, average mortgage loan capital rose by 4.1%, compared with the same month last year, to reach €127,732 – the highest figure since December 2008.
After weeks of court rulings and controversy the government has stepped in to overrule Spain’s Supreme Court’s decision over mortgage tax liability. The Impuesto sobre Actos Jurídicos Documentados (AJD) is a tax paid on certain documents, including mortgages, which are signed before the notary. The amount payable is calculated on a percentage of the mortgage guarantee, a figure which varies from region to region – in Andalucia the percentage is around 1.5% and is payable by the borrower.