Minimum Wage in Greece to See €50 Hike Monthly, Effective April 1
Greece is poised to raise its minimum wage by €50 (US$54) per month, bringing it up from €780 (US$842) to €830 (US$896), effective April 1, 2024, as announced by Prime Minister Kyriakos Mitsotakis and reported by Bloomberg on March 29, 2024.
This initiative aligns with the government’s goal of incrementally increasing the minimum wage over the period of 5 years to €950 (US$1025) per month (an average monthly earning of €1,500 (US$1619)) by 2027.
The aim is to alleviate the financial strain on households, providing relief to hundreds of thousands of workers while safeguarding economic resilience and business competitiveness.
The increase will have a ripple effect on various benefits linked to the minimum wage, with 18 other benefits seeing adjustments, including those related to unemployment, seasonal work, and maternity.
This 6.4% increase marks the fourth time the minimum wage has been raised since 2019 when it stood at €650 (US$702), resulting in a cumulative 27% increase since then.
Additional Information:
- In 2023, the minimum wage saw a 9.4% increase, raising it to €780.
- Greece’s economy grew by 2% in 2023, slightly below the government’s forecast but significantly surpassing the euro zone average of 0.4%.
- In 2024, a 2.9% growth is expected, driven by tourism, heightened investments, and domestic demand.
