SHARE
COPY LINK

ECONOMY

Spain unveils €9 billion plan to tackle Ukraine fallout

The national aid plan will help the country weather the ongoing fallout of the conflict in Ukraine.

Spain unveils €9 billion plan to tackle Ukraine fallout
Pedro Sánchez arrives at the press conference at Moncloa Palace to announce the new direct aid plan worth €9 billion. Photo: JAVIER SORIANO/AFP

Spain’s government on Saturday unveiled a €9 billion national aid plan to help the country weather the ongoing fallout of the conflict in Ukraine.

Prime Minister Pedro Sánchez unveiled the package in Madrid which comes on the heels of a €6 billion injection in March for a scheme worth €15 billion overall, or “more than one GDP percentage point”.

The government also extended other measures taken in March and set to end on June 30 by another six months till the end of the year. Those include reducing the price of a litre of petrol by 20 euro cents.

For the second time in less than a year, it also reduced value-added tax on electricity from 10 to 5 percent, a move already announced by Sánchez earlier this week.

It decided to hand out “direct aid of €200” to the self-employed and unemployed, and increase pensions and disability benefits by 15 percent.

The measures aim to help consumers deal with rising inflation, which hit 8.7 percent in May, its highest level in decades.

Member comments

Log in here to leave a comment.
Become a Member to leave a comment.

WORKING IN SPAIN

Workers in Spain earn 20 percent less than EU average

Despite being one of the largest economies in Europe, Spain may not be a good place to work for those looking to be well compensated as figures reveal workers earn a lot less than some of their European neighbours.

Workers in Spain earn 20 percent less than EU average

People working in Spain earn, on average, €1,751 per month. This is 20 percent less or €443 less than the EU average of €2,194, according to human resource giant Adecco and their monitor on wages, published Tuesday.

Life in Spain is getting more and more expensive due to soaring inflation and rising energy costs, but despite having the highest average salary in history, people in Spain can’t afford as much as they did 13 years ago, due to diminishing purchasing power.

Within the EU, Adecco reported that 15 countries have wages lower than Spain, and 11 have higher. 

Nine European countries have average salaries above €2,500 per month, while in Spain the average salary does not even reach €2,000. This is the case in Finland (€2,603), Sweden (€2,623), Austria (€2,788), Belgium (€2,830), the Netherlands (€2,883), Ireland (€2,920), Germany (€3,003), Denmark (€3,458 ) and Luxembourg (€3,502).

In Germany for example, employees earn on average 42 percent more than in Spain, meaning that workers in Spain would have to work 20 months, almost two years, to be able to earn the same as a German.

There is more than €1,250 difference between what those in Germany are paid and what those in Spain are paid.

On the other hand, there are several EU countries with salaries less than in Spain. Those with average salaries of €1,100 are mostly found in Eastern Europe, with Bulgaria being the EU country with the lowest remuneration of just €562 per month.

This is followed by Romania (€718), Hungary (€798), Poland (€833), Croatia (€863), Latvia (€892), Slovakia (€977), Lithuania (€1,007), Greece (€1,034), Estonia (€1,053) and the Czech Republic (€1,078).

Spain forms part of the middle group that earn more than €1,100 per month but less than €2,500 per month. Those EU countries with salaries similar to Spain include Portugal (€1,106), Cyprus (€1,309), Malta (€1,329), Slovenia (€1,417), Italy (€2,074) and France (€2,446). However, there are of course wide gaps between these countries too.  

Compared to its nearest neighbours, Spanish workers earn 58 percent more than those in Portugal or €645 more per month, but 28.4 percent less than those in France or €695 less each month. 

SHOW COMMENTS