ECONOMY

Minimum wage hike to top 8 pct

minimum-wage-hike-to-top-8-pct

The increase of the minimum wage looks likely to be just over 8 percent, or 50 euros per month. The ministerial decision, which will be signed next week, is expected to lead to pay adjustments for more than 400,000 employees who receive the minimum monthly wage.

The new minimum wage will be the same for every worker, as there will be no differentiation on age, with the government insisting on the abolition of the subminimum for under-25s.

On Wednesday Labor Minister Effie Achtsioglou presented the representatives of the country’s creditors with the conclusions of the experts’ committee, which signals the end of the consultation period. The minister informed the foreign officials that the final decision on the precise level of the minimum wage hike will be made next week, when the decision will be signed.

Sources told Kathimerini that the creditors’ mission chiefs repeated their agreement that the minimum wage should be increased, but insisted that this should be rational and in line with the average productivity rate in Greece. They also expressed reservations on the abolition of the subminimum wage, arguing that could lead to an increase in youth unemployment.