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Minimum Wage in Greece to increase to € 830 per month in April 2024


The minimum wage in Greece is set to increase from a net wage of € 666.85 per month to € 705 per month in April 2024. If social security contributions are counted, the monthly minimum wage in Greece will be € 830 per month.

 

The increase in the minimum wage will also result in adjustments to social benefits. The unemployment benefit will increase from € 479 to € 509 per month. Other social benefits, including maternity and parental leave, special branches benefits, and aid to non-salaried workers, will also increase.

 

The increase is a part of government’s plan to increase the minimum wage to € 950 net salary by 2027.

 

It is important to note that the monthly minimum wage in Greece is paid on a 14-month basis. (This is the same system used for all wage-earning staff). Thus, the annualized monthly gross minimum wage is:

 

€ 830 / month x 14 months = € 11,620 / 12 = € 968.33

 

As with many other countries, there are variations depending on filing age, family status, physical condition and other factors.

 

According to Statista, Greece ranks between Croatia and Estonia in terms of minimum wage, with Luxembourg having the highest minimum wage at € 2,571. (Please note that there are some data inconsistencies with the Statista data and we cannot guarantee the accuracy or equivalency of this data).


EU Gross Minimum Wage 2024, Statista

Greece saw drastic cuts to its minimum wage during the 2010 economic crisis and bailout in an effort to reduce its costs and make its economy more competitive at the macro level. While this theoretically may have been a correct approach, it did result in massive financial damage to millions of households. And it did nothing to enhance the productivity of employment, or reduce the government bureaucracy of employment.

 

For additional information on investing in Greece, please contact us.

 

 

Source:

 

Kathimerini

23 March 2024

 

Statista

Undated

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