The Portuguese economy is more competitive since the arrival of the troika, but largely at the expense of wage devaluation. Today, one in five workers (19.6%) earns the minimum wage of 505 euros per month. In 2011, before the adjustment measures imposed by creditors, only 11.3% received basic pay, then 485 euros. It is an increase of 73.6%, according to figures from the Ministry of Economy.
“There were companies not to lay off workers lowered their wages,” confirms Antonio Saraiva, president of the Business Confederation of Portugal (CIP) when Mad Money, adding that the side of the bosses “have always maintained that it is better to have a job paid with the minimum wage than unemployment.” For the unions, however, the reality is darker: “We have seen a replacement paid by younger people and underpaid workers.” And without increased productivity, admits Sergio Monte, the UGT.
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