Collective agreements, wages, and inflation in Spain: an empirical analysis for economic and social policies (2011–2024)

This article analyzes the evolution of salaries in collective bargaining agreements in Spain, during the period 2011-2024, from a functional perspective (company agreements and agreements above the company level), a sectoral perspective (agriculture, industry, construction, and services), a territorial perspective (regional level), and according to the existence or absence of a wage guarantee clause. The analysis uses data from the Ministry of Labor and Social Economy and the National Statistics Institute (INE). The study examines the relationship between revised wage increases and inflation trends, with the aim of assessing the ability of collective agreements to preserve the purchasing power of wages and their role as an instrument of income policy. The results show that, although company agreements are in the majority in terms of number, it is the agreements at a level higher than the company that represent the majority of the workers affected. The cumulative revised wage increases are below the cumulative price changes, which means a loss of purchasing power for the salaries agreed in the agreements over the period as a whole. This loss is more pronounced when compared to the increase in the prices of food and non-alcoholic beverages. The results also show that there are significant differences between the autonomous communities. Overall, the study shows that, although there has been a continuous improvement in collective agreement salaries, this has not been sufficient to fully offset the increase in the cost of living during the period analyzed, which is an element to be considered in the design of economic and social policies.