Marsh Portugal revealed, through the Total Compensation 2026 study, that the salary increases observed in 2026 were, on average, between 3.3% and 3.4%. For 2027, with a moderation expected, the average should remain at 3.3%, with the median at 3%. The analysis of the effective variation in salaries between 2025 and 2026 reinforces the "salary flattening" trend, with a growth of 6.5% in more operational roles and only 1.3% in other functional groups, which contributes to a relative reduction in pay differences between levels of responsibility.
This two-speed salary dynamic is associated with the evolution of the national minimum wage, which places significant pressure on increases in operational roles. Marta Dias, Rewards Leader at Marsh Portugal, explained that it is increasingly challenging for organizations, especially in sectors with a significant operational base, to manage salary reviews and ensure differentiation through remuneration. In this context, companies increasingly follow the concept of "differentiated increment," separating general increases from those attributed by merit, with individual performance being a primary factor in salary review decisions.
Regarding employment prospects, the majority of companies participating in the study anticipate, this year and next, increasing or maintaining the number of employees. In 2026, 22% of organizations anticipate increasing headcount, 58% expect to maintain it, and only 8% anticipate a reduction. For 2027, 13% expect to increase, 48% expect to maintain, and 6% anticipate a reduction. The majority of companies conduct salary reviews in January, March, and April.
As for extra-salary benefits, 70% of companies grant vacation days above the legal requirement, with the average at 25 days. The most commonly provided benefits are medical plan (91%), company car (90%), and meal allowance (86%). The study involved mostly foreign companies (70%), from sectors such as information technology, industry, consumer goods, and retail, with 58% having fewer than 100 employees.
