Bank of Spain warns of wage rises above collective bargaining due to difficulty in filling new vacancies

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Banca March: It is becoming increasingly difficult for companies to fill jobs that require a high level of training or specific knowledge. Thus, salaries for new vacancies are growing at a year-on-year rate of 6% compared to the 3.4% wage increase agreed by collective bargaining agreement. The Governor of the Bank of Spain explains the reasons for the tightening of the market – the mismatch between job vacancies and job seekers. On the one hand, the greater demands of workers to accept a job and, on the other hand, the disparity between the training required by companies and the qualifications of workers. A disparity is particularly noticeable among technology sectors: cybersecurity experts, data analysts and software developers, among others. These wage increases could start to have a negative impact on labour demand.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.