Despite the forecasts of the committee of experts at the beginning of December, which anticipated a 1.7% increase in the minimum wage, INSEE announced in its economic report a calculation formula leading to a revaluation of 1.1% on January 1, 2024. The government, however, has the possibility of deciding with a helping hand even if this does not seem to be on the agenda.
1398 euros, net monthly, instead of the 1406 euros hoped for on November 30 following the publication of the annual report of a group of experts on the minimum wage: here, in euros, what the lower-than-expected revaluation of the minimum wage changes from January 1, 2024. To date, the monthly net minimum wage is 1,383 euros, for full time.
On November 30, the annual report of a group of experts on the minimum wage announced that it anticipated an automatic increase of around 1.7%, and recommended that the government refrain from any boost on the minimum wage. Minimum wage as of January 1, 2024.
Insee: The automatic revaluation of the SMIC at the start of 2024 would be around +1.1%
INSEE is publishing its quarterly economic report this Thursday, December 14, and tomorrow is preparing to unveil the final inflation figures for the month of November, an indicator which makes it possible to calculate the automatic revaluation of the minimum wage on January 1. However, INSEE is a little less generous than the group of experts for the January 1 increase: The automatic revaluation of the SMIC at the start of 2024 would be of the order of +1.1%, writes INSEE in its quarterly note .
Last push in 2012
However, increases in the minimum wage from January 1st or during the year are always there. strict application of a mathematical formula based on inflationexcept when the government decides to give a helping hand, which has not happened for more than 10 years, in July 2012.
Let us remember, however, that this increase of 1.1%, if confirmed, is in addition to the automatic revaluation on May 1, 2023, of around 2.22%. The minimum wage increases each year on January 1st depending on the inflation experienced by the most modest households. And an automatic revaluation is triggered during the year as soon as the price increase exceeds 2% in a few months.
If the increase is confirmed at 1.1% for January 1, 2024, the minimum wage would still increase by a total of more than 3% over one year, from January 2023 to January 2024. The decision will be formalized by decree by the end of December.