ECONOMY

Wage hike to boost market

Labor Minister Yiannis Vroutsis (left) is seen greeting the president of the National Confederation of Greek Commerce (ESEE), Vassilis Korkidis, as the ministry hosted a meeting of employer and employee associations on labor issues on Thursday.

ESEE presented a survey on employment in small and medium-sized enterprises, showing that a return of the basic salary up to 2009 levels, 701 euros per month, would entail extra revenues of 2.4 billion euros for the state and social security funds, as well as boosting the market with turnover of 4.7 billion euros for the next two years.

Even a small minimum wage rise would reverse the negative climate, ESEE said.

Concern over whether Greece?s creditors would consider the proposal of employers and unions dominated the talks.