MADRID (Reuters) – Spain’s new government said on Wednesday it would raise the minimum wage by 5.5 percent effective immediately.

The announcement by Labour Minister Yolanda Diaz is part of a plan to raise the net minimum wage to 60% of the average national wage of 1,944 euros – to approximately 1,166 euros per month – by the end of the government’s four-year term. Currently it stands at around 55%.

The increase to 1,108 euros per month is the third major economic initiative announced by the government after a rise in pensions and civil servant salaries.

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