May 30, 2024

Athens News

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Bloomberg: Greece ranks 13th in EU for minimum wage

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According to the latest published edition Bloomberg rating minimum wage, among 27 European countries Greece ranks 13th placeand Luxembourg claims the first place – with 2571 euros.

Bloomberg determines the minimum wage in Greece at 910 euros. A recent Eurofund report signals a positive turn in 2024, showing a reversal of the downward trend in purchasing power seen at the start of 2023. Annual wage growth, especially for low-wage workers (starting in 2022), is outpacing inflation, narrowing the gap with average incomes of citizens (a fact that not all experts support).

Eurofound’s preliminary analysis covers 22 countries in Eastern Europe and provides insight into minimum wages, predicting their actual rise. The report compares changes in the national minimum wage from January 2023 to January 2024, adjusted for annual inflation through December 2023.

Interesting contrast: Sweden, Austria, Denmark, Finland and Italy do not have a minimum wage established by the authorities, but they establish it through collective agreements.

Meanwhile, by the end of September 2023, the minimum wage in Luxembourg reached €2,570.93 for unskilled workers and increased to €3,085.11 for skilled workers. This happened after automatic salary adjustments (due to inflation).

It is worth noting that according to WikipediaGreece ranks 16th in EU on the minimum wage. The last change in the minimum wage was adopted in April 2023and currently it is 780 euros, and the minimum daily wage is 34.84 euros. Moreover, in the previous period it was preceded by other increases. In particular, from 650 euros in 2019, the minimum wage was increased to 663 euros in January 2022, to 713 euros in May 2022, and from April 2023 it reached 780 euros.

According to assurances of Kyriakos Mitsotakis, the government’s goal is to increase the minimum wage to 950 euros and the average to 1,500 euros within four years. At the same time, private sector workers can also take advantage of a non-retroactive three-year salary freeze for the period from February 14, 2012 to December 31, 2023.

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