However, this has not been enough to offset the average inflation of 4.3% recorded in 2023, according to ECO's accounts based on data published by the National Statistics Institute (INE).

According to ECO, even with an increase of 30 euros, the average net salary, after Social Security discounts and IRS withholding tax, lost 13.47 euros due to the impact of rising prices. To neutralize this effect, the average monthly salary needed to increase by 43.47 euros to 1,054.47 euros.

Last year, the Minister of Labor, Ana Mendes Godinho, stated several times that wages were rising by around 8%, mainly due to the boost given by the increase in the minimum wage by 7.8%, from 705 euros to 760 euros. However, the minister was using the gross value, without social contributions and IRS discounts. In other words, analysing the net value, INE shows a much more modest increase in the average salary.

Taking into account the INE statistical series, which dates back to 2011, the average salary practiced in Portugal last year, of 1,043 euros, represents an increase of 232 euros or 28% compared to the average salary in the first year of the Troika, which was at 811 euros.