ECONOMY

Collective contracts for 600,000 Greek workers expire this week

Collective contracts for 42 professions expire this week, as employees face the prospect of substantial wage cuts.

Some 600,000 workers will be affected by the centrally-bargained contracts running out on Thursday.

The terms of the contracts will apply for another three months before employers will be free to negotiate individual deals with their employees or to negotiate a new agreement with unions.

It is estimated that some 1.2 million employees have signed individual contracts over the last year.