The massive bonus pay-out – which would total over €16.5m – was signed by the players and the Spanish Football Federation earlier this week.
The players will receive €360,000 euros if the squad reaches the final and €180,000 if they make the last four, but some politicians in the country are incensed at the figures considering the country's economy has crumbled since 2008 with unemployment at 26.1 per cent.
When Spain won the 2010 World Cup each player was paid €600,000 but MP Josep Antoni Duran i Lleida wondered why Spain were paying such higher bonuses than Germany whose players will make just €300,000 if they win the tournament.
"Are we twice as rich as Germany?" his said in a tweet translated by the Associated Press.
AP also said that: "Pablo Martin Pere and Susana Ros of the opposition Socialist party criticised the premium as 'disproportionate' and 'an insult to citizens' given the recent economic crisis."
England's players are believed to be on £350,000-a-man if they win the competition.
Spain have had the world's most dominant international football team in recent years, winning the last two European Championships in between their World Cup success in South Africa in 2010.
They are aiming to become the first Europeans to win the World Cup in the Americas.
Manchester United star Juan Mata, who is a member of the squad, insisted that his team would not be motivated by money in Brazil.
"I will play with the same enthusiasm I had as a child, in a bid to try and win another World Cup, without thinking about all the rest," he said.
The World Cup begins on Thursday with Brazil's clash against Croatia, while Spain take on the Netherlands in their opening game on Friday.
- Sports & Recreation
- Spanish Football Federation