Greece announces increase in country’s minimum wage that will restore pay to pre-bailout levels
Greece announced a rise in the minimum wage on Friday, restoring wages to their current levels before sweeping cuts more than a decade ago during an international relief package.
Prime Minister Kyriakos Mitsotakis said the gross minimum monthly wage would rise from 713 euros to 780 euros on April 1. “I have no illusions. We know that wages are still low in our country, and they are being squeezed even more by inflation,” said Mitsotakis, whose centre-right government faces general elections in the spring. Has been
Under pressure from lenders, Greece drastically cut salaries in 2012 during bailout programs funded by the European Union rescue fund and the International Monetary Fund. As the country was on the brink of bankruptcy, the government took control of wage policy – previously determined through labor negotiations – and reduced the minimum monthly wage from 751 euros to 586 euros.
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Prime Minister of Greece Kyriakos Mitsotakis is pictured at the Maximos Mansion on February 20, 2023 in Athens, Greece. Mitsotakis announced on Friday that the country is raising its minimum wage. (Karahlis/Bloomberg via Getty Images)
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The Greek salary is paid annually over 14 installments to provide extra over the Christmas, Easter and summer holidays. Averaged over 12 payments, the new gross minimum monthly wage will rise to €910.
