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After a steep decline, starting in 2010 and culminating in the bottom value of 20,438 euros, average annual wages in Portugal increased to unprecedented figures. By 2021, the mean wage per year of work was 22,251 euros, despite the more than 200-euro drop that followed in 2022. By 2024, annual wages rose to 23,177 euros.

The salary increase is not enough to tackle living expenses

The surge in salaries is even more evident when considering minimum annual wages. Following a period of stagnation between 2011 and 2014, the Portuguese minimum annual salary has been on a hike, reaching 11,480 euros by 2024. This rise is relevant when considering the impact of growing inflation on the prices of goods and services, as it restores some purchasing power to workers. Nevertheless, 50 percent of Portuguese people stated, in 2023, that their professional income was mostly not enough to face up to living expenses.

Youngsters and women struggle the most when it comes to unemployment and salary amounts

The unemployment rate in the country was at six percent in the second quarter of 2024, having decreased from the previous quarter. People between 16 and 24 years of age were the most affected by unemployment, with shares of 22 percent in the same quarter. Women followed as the second most impacted by this social issue. The gender gap is also notorious when it comes to wages. In 2022, women’s average monthly salaries were over 13 percent lower than the salaries of their male counterparts, which impairs women in the tackling of the rising cost of living.