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GreeceHigher minimum wage to boost households' purchasing power; process beginning shortly

Higher minimum wage to boost households’ purchasing power; process beginning shortly

Hellenic News of America
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The process of introducing a higher minimum wage on April 1 will begin shortly, Labor & Social Affairs Minister Kostis Chatzidakis told Athens-Macedonian News Agency (ANA-MPA).

According to earlier information by the ministry, the process will begin directly after an amendment is voted this coming week that sets the timetable of consultation with social partners and experts. The process should be completed by March 10, according to the ministry’s timetable, with Chatzidakis formally presenting the proposal before the cabinet.

The raise will affect employees on monthly wages and laborers on daily wages.
Chatzidakis said the higher minimum wage follows up on related announcements by Prime Minister Kyriakos Mitsotakis.

Previous raises under the Mitsotakis government were as follows: In February 2019, minimum wage rose to 650 euros per month; on Jan. 1, 2022 it rose by 2% to 663 euros; and on May 1, 2022 it rose 7.5% to 713 euros. In addition, minimum daily wage for laborers is set at 31.85 euros as of May 2022.

“I believe we will end up with a significant raise that will substantially support employees and households still hit hard by the high inflation rate the energy crisis wrought, without stressing the economy and businesses’ competitive ability,” Chatzidakis said. “Note that during the last year, there was practically a double rise in wages of 10%, significantly raising Greece’s standing among EU countries with legislated lower wages. It was set at 650 euros during the previous government, we have raised it to 713 euros already, and there is more to come,” he added.

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The minister asserted the higher wage will boost the purchasing power of a great segment of the Greek population, and is part of other initiatives to boost growth and jobs.
The move is also expected to affect unemployment checks, which are currently set at 438 euros per month, as well as any bonuses and supplements calculated on the basis of the lowest wage or daily wage.

SOURCE; ANA-MPA

The copyrights for these articles are owned by the Hellenic News of America. They may not be redistributed without the permission of the owner. The opinions expressed by our authors do not necessarily reflect the opinions of the Hellenic News of America and its representatives.

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