According to CoinMeta, Spain's Ministry of Labor stated that the minimum wage in Spain will be increased by 5.3% in 2027, affecting an estimated 2.5 million people. Under the proposal from the Ministry of Labor, the annual minimum wage will be raised to 18,004 euros (approximately $20,244), and with 14 payments per year, the monthly wage would be 1,286 euros. This proposal still needs to be approved by Prime Minister Sánchez's cabinet to take effect. Spain will hold general elections on November 29th, and the government has previously promised to announce the increase in the minimum wage for 2027 before the vote. Since taking office in 2018, Sánchez has made raising the minimum wage one of his signature policies. Despite facing political pressure, Sánchez can still defend his governing record with strong economic data. The Bank of Spain expects the country's economy to grow by 2.6% this year, mainly driven by domestic demand, while immigration has also contributed to the expansion of the labor market, and industries such as tourism are performing strongly as well.