A new agreement, drawn up in record time by the Balearic Commerce sector and Unions, is guaranteeing employees wage increases over the next two years even though such hikes are not being reflected by growth in the economy. At a time when deflation is registering at -0.8 percent of the Gross Balearic Product, business associations have liaised with the General Workers Union and Workers Commission to establish a temporary contract, running between 1st April this year and the same date in 2011. This time frame is considered to coincide with the most difficult period of the current economic crisis. Over 45'000 employees in the Balearics will be assured wage increases in line with the cost of living plus an extra 1.4% for the first year, and an extra 0.4% in the second.

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