The new increased salary for workers from next week

Next week is announced the new increased minimum wage, which will be valid from next Friday, February 1, creating a new landscape in private sector earnings. According to the plan, the Council of Ministers will have to meet in the next week so that the ministerial decision, which will increase the minimum wage and the subordinate, will be signed by Minister of Labor Efi Aichioglu.

The new increased salary will apply to all workers, without age discrimination. As the “Sunday Nation” has revealed, the increase is expected to “lock” close to 50 euros – that is, close to the 8.5% – and still between 8% and 10%. This means that the new salary is expected to be around € 640.

The Commission’s five experts report, which was presented yesterday by the Minister of Labor, suggests an increase of 5% to 10%, while the expressed view of the Greek side is the impending increase to move as high as possible to the potential of the Greek economy .

The 5 “wise men” in their conclusion conclude that an increase of 5% to 10% in 2019, with effect for all workers without age variations, is not expected to slow down the ongoing recovery in employment, it will not endanger the recovery of international competitiveness of the country, while it can positively affect investment.

“Green light”

In the institution’s yesterday’s rendezvous, the European Commission reiterated that it was in line with raising the minimum wage, but noted that it should be careful. In the context of the information, an exchange of economic and legal arguments was made by both sides regarding the effect of the increase in the minimum wage on key economic fundamentals.

In any case, the final decision on the exact level of the increase will be taken next week, when the relevant ministerial decision will be signed. The goal, however, is to move as closely as possible – in line with the potential of the Greek economy – to the “ceiling” of 10%. According to the findings of the five experts, an increase of 10% will lead to an increase in wage costs for the economy as a whole by 2.86%.

The minimum wage today is 586.08 euros gross for unmarried, newly recruited without experience and without specialization, while the wage of unskilled laborer is 26.18 euros. The new increased minimum wage will also apply to young people up to 25 years of age, who currently fall in the sub-region of 510 euros gross.

This will mean that young people will have the highest increase from all employees, as they will record an improvement in their incomes of more than 15% -20%. This group of workers will reap the 50% subsidy for employers’ pension contributions (6.66% for EMF) as a counterpart to the sharp increase in their earnings. The increase in the minimum will also affect the salaries of part-time employees, unless they fall under a sectoral contract that sets higher wages.



Consequently, in one way or another, the impending increase is expected to directly affect at least 400,000 employees. 200,000 of them are currently paid at a salary of 500 to 600 euros, while another 200,000 are estimated to work part-time and receive a salary that depends on the lowest or falls within its area. Another 300,000 will benefit from the increase in bonuses that the new minimum wage will take.

From the forthcoming increase, unemployment benefits, maternity benefits, special seasonal allowances, work allowances or business discontinuation allowances, availability allowance, student interns ‘compensation, students’ pay will be directly affected by February, OAED’s EPAs and others. The increase in the minimum rate, which acts as a minimum threshold for monthly wages of salaried employees and wages of workers in the private sector, is expected to include “frozen” old-age benefits, as well as 10% marriage allowance National General Collective Labor Agreement.

Meanwhile, at the meeting of the Labor Minister with the institutions, yesterday was on the table and the burning issue of the retrospectives, as Mrs. Atsioglu informed the institutions about the retroactive claims by retirees for the period prior to the decision of the Council of Ministers in 2015.

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