ECONOMY

Subsidy for part of salary increase for under-25s

subsidy-for-part-of-salary-increase-for-under-25s

The Labor Ministry will cover a quarter of the total increase in salary costs of corporations from the abolition of the subminimum salary for the under-25s.

The subsidy will concern 50 percent of the employers’ social security contributions toward the main pension of each worker up to 25 years old who until recently received 510.95 euros per month.

According to the decision Minister Effie Achtsioglou and Alternate Minister Tasos Petropoulos signed on Thursday, the subsidy applies retroactively from January 1.

The salary increase of 139.05 euros to 650 euros/month for under-25s that took effect on February 1 will therefore be partly covered by the subsidy that will amount to 43.29 euros per worker per month the ministry is offering. The subsidy will be covered by the ministry’s ordinary budget, according to the decision.