ECONOMY

Mitsotakis: Minimum wage to be increased by 2%

mitsotakis-minimum-wage-to-be-increased-by-2

The prime minister has announced that the minimum wage will be increased by 2%.

“Contrary to the suggestion of business representatives, the government has decided to increase the minimum wage by 2% this year,” Kyriakos Mitsotakis announced, opening Monday’s cabinet meeting, which was held online.

Acknowledging that business and commercial groups had requested a freezing of the minimum wage due to the special circumstances caused by the pandemic and that GDP fell by 8% last year, Mitsotakis said: “But what also applies is the dynamism of the Greek economy and its prospects, which I personally trust.”

Currently, the minimum salary in the private sector is set at 650 euros per month – with the nominal salary at 758 euros, if the Christmas and Easter bonuses are included – which is an average salary in the European Union, or in 11th place based on nominal salary and the 13th, based on purchasing power parities.

The 2% increase, which will bring the minimum monthly wage up to 663 euros (or 773.50 euros if all 14 salaries are taken into account), will be effective from 1 January 2022. 

[ANA-MPA]