In a noteworthy economic development, the average declared wages recorded with Social Security witnessed a substantial 6.3% upswing in May compared to the

corresponding period last year. This translates to an annualized increment of €95.59, propelling the average monthly wage from €1,262.59 in May 2022 to a robust €1,358.18 in May of the current year, as unveiled by Social Security's statistical report.

The statistical summary from Social Security (SS) unveiled that "In May 2023, the aggregate wages reported per employee stood at an average value of €1,358.18, reflecting a month-on-month increase of 0.2% and an impressive year-on-year growth of 6.3%. The cumulative wage variation for the first five months of the year amounted to an impressive 7.8%, indicative of a 5.0% rise in employment for dependent work within the same period."

Analysis conducted by Dinheiro Vivo, drawing from SS data, underscores the remarkable 6.3% annual wage increase, surpassing the month's calculated 4% price index variation by a significant margin of 2.3 percentage points (p.p.). This situation translates into a substantial real wage increase for workers, signifying positive economic gains for the labor force. Photo by Lionel Allorge, Wikimedia commons.