Greek firms trim salaries and jobs

Almost half of all Greek companies have resorted to pay cuts and layoffs this year, against just 9.1 percent of multinationals in Greece that have slashed wages and 17.9 percent that have reduced their staff, a recent survey of 165 companies in Greece by Aon Hewitt has shown.

The survey, conducted from April to July, concerned some of the most productive economic sectors and found that there were only 26.5 percent of companies that bucked the trend and raised salaries. These were mostly in the sectors of high technology and pharmaceuticals.

The average rate of pay cuts by companies that opted for the method to curtail operating costs amounted to 11.8 percent.

“Wage trimming now concerns the majority of sectors in the economy,” the head of the salaries and benefits department at Aon Hewitt, Maria Stavropoulou, commented.

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