Madrid is the capital city of Spain and one of the most popular destinations for expats. It is known for its beautiful architecture, rich culture, and vibrant nightlife.
However, like any other city, the cost of living in Madrid can be quite high. One of the primary concerns for many people moving to Madrid is the minimum salary. In this article, we will discuss what the minimum salary in Madrid is and how it compares to other cities in Europe.
What is the Minimum Salary in Madrid?
The minimum wage in Spain was increased by 22.3% in 2019, making it one of the highest minimum wages in Europe. The current minimum wage in Spain is €950 per month for 14 payments per year or €1,108 per month for 12 payments per year. This means that an employee working full-time (40 hours per week) should earn at least €1,108 per month before taxes.
How Does the Minimum Salary Compare to Other European Cities?
Compared to other European countries, Spain’s minimum wage is relatively high. According to Eurostat data from January 2021, only six EU countries have a higher monthly minimum wage than Spain: Luxembourg (€2,202), Ireland (€1,656), Netherlands (€1,684), Belgium (€1,625), Germany (€1,584), and France (€1,554).
How Far Does Minimum Salary Go in Madrid?
While Madrid’s minimum salary may seem relatively high compared to other cities in Europe, it’s important to consider the cost of living in Madrid as well. According to Numbeo data from June 2021, the cost of living index for Madrid is 63.51 points out of 100 compared to New York City’s index score of 100 points.
As such, while €1,108 per month may be enough to live on in Madrid, it may not provide a comfortable standard of living for everyone. The cost of housing, food, transportation, and other expenses will depend on the individual’s lifestyle and preferences.
Conclusion
In conclusion, the minimum salary in Madrid is €950 per month for 14 payments per year or €1,108 per month for 12 payments per year. While this is relatively high compared to other European cities, it’s important to consider the cost of living in Madrid as well.
The cost of living will depend on various factors such as housing, food, transportation, and lifestyle choices. As always, it’s essential to plan your budget accordingly and make informed decisions before moving to Madrid.