NO PAY

FOUR out of 10 workers in Spain receive no compensation for their overtime.

A study carried out by Infojobs and Adecco exposed businesses in Spain for not complying with the regulations placed by the Spanish Government in 2019.

The latest royal decree states that full-time employees can only work up to 80 hours of overtime a year. It also enforces companies to monitor and register their employees working time and to pay them for all the extra hours worked.

Those organisations not complying with these policies could face fines of up to €6,000.

However, the study shows that most companies ignored these regulations last year.

In 2022, over half of the workers (53%) did more hours than their theoretical annual working time.

BANKS in Spain have been told to start paying clients better rates for their savings as interest rates continue to climb.

The call has come from Economy Minister, Nadia Calvino, speaking at an event organised by the BBVA bank. Banks have cashed in with increased profit margins due to the European Central Bank tightening its monetary policy and lifting interest rates to 3.5% - the highest in over 20 years.

Most banks though have not passed on the full benefit of rate rises to customers who have deposit accounts. Nadio Calvino said: “I have no doubt that the Spanish banking sector has to start transmitting the rise in interest rates for the benefit of customers and Spanish citizens.”