Amending social contributions. TSU will be amended on January 1, 2013. Employers’ share of social contributions, currently 23.75 percent, will be brought down to 18 percent. At the same time, employees’ contributions will go from 11 percent at present up to 18 percent. The rate takes account of gross earnings. Private sector workers will lose over one month’s pay per year. As a rough guide, the actual cut to Portuguese minimum wage (currently €485 gross) will amount to €33.95 a month, leading to net earnings of €397.7. It is the first time minimum wage goes down since it was created. The government announced the creation of a “social credit” to compensate the loss of earnings for the lowest incomes, but no information has been released about this measure.
es account of gross earnings. Private sector workers will lose over one month’s pay per year. As a rough guide, the actual cut to Portuguese minimum wage (currently €485 gross) will amount to €33.95 a month, leading to net earnings of €397.7. It is the first time minimum wage goes down since it was created. The government announced the creation of a “social credit” to compensate the loss of earnings for the lowest incomes, but no information has been released about this measure.
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