![New minimum wage close to 703 – 710 euros](https://www.ot.gr/wp-content/uploads/2021/05/Salary1-1.jpg)
High expectations for the increase of the minimum wage, which may even exceed 6%, are cultivated by the government, while the process has entered its final stage with the Centre of Planning and Economic Research-KEPE today, Friday 15 April, to deliver to the Minister of Labor the conclusions of the dialogue between scientific and social actors.
The government seems determined to promote a high increase that will lead the new minimum wage in the range of 703 to 710 euros. This intention was expressed – again – during the speech of the Prime Minister Mr. K. Mitsotakis in Parliament, who spoke about “new – the second in 2022 – significant increase in the minimum wage.”
Procedurally, the Minister of Labor clarified that his suggestion to the Council of Ministers will be made after the Easter holidays, in the last week of April and the validity of the new salary will start from May 1.
According to the latest indications, the government recommendation may be higher than 6% and move around 7%, in addition to the 2% given on 1.1.2022.
The level of wage growth – which is expected to outperform inflation – combined with measures to support households and businesses are part of government interventions to tackle inflationary burdens.
Going to an increase: either 6% and a new minimum at 703 euros, or 7% and a new minimum wage at 710 euros. According to the government scenario, the increase for 2022 – cumulatively together with 2% – will “move” close to or even exceed GDP growth, which was set at 8.3%.
The positions of the organizations
Meanwhile, an “abyss of ten percentage points” still divides the views of employers and employees on the level of the new minimum wage. The so-called “big employers’ organizations” – Hellenic Federation of Enterprises-SEV and Association of Greek Tourism Enterprises-SETE – seem to be insisting on a maximum increase of 3% or 4%, while representatives of small and medium-sized enterprises are expressing reservations about the impact of labor costs on the viability of their businesses.
At the same time, General Confederation of Greek Workers -GSEE insists on restoring the minimum wage to 751 euros from 663 euros – a fact that corresponds to an increase of about 13% – thus the “difference” between the two sides is at 10%.
The Bank of Greece formulates the most restrained proposal with additional increases from 2.7% to 3.4%, citing “increased uncertainty due to international energy prices, rising inflation and the war crisis in Ukraine.”
While KEPE estimates that the increase should not be too large, as this will put more burden on small businesses, as well as companies in specific sectors.
![ot.gr](/wp-content/themes/whsk_otgr/common/imgs/fav.ico/favicon-32x32.png)
![ot.gr](/wp-content/themes/whsk_otgr/common/imgs/fav.ico/favicon-32x32.png)
Latest News
![Cosco: Container Traffic Decline at Piraeus Port Continues](https://www.ot.gr/wp-content/uploads/2024/07/olp1-scaled-1-2048x1312-1-600x384.jpg)
Cosco: Container Traffic Decline at Piraeus Port Continues
This strategic shift has diminished Piraeus's standing as a prominent Mediterranean port and a key transshipment hub post-Suez Canal.
![Gov’t Eyes Return of Power Subsidies Amid Spike in Rates](https://www.ot.gr/wp-content/uploads/2024/07/power-lines-2048x1365-1-600x400.jpg)
Gov’t Eyes Return of Power Subsidies Amid Spike in Rates
According to reports, the government will resume an electricity subsidization program, given that forecasts cite disruptions – i.e. higher rates
![ELSTAT: 6.3% Increase in Output Price Index for Agriculture and Livestock](https://www.ot.gr/wp-content/uploads/2024/07/ot_georg_PROIONTA_money-1-600x352.png)
ELSTAT: 6.3% Increase in Output Price Index for Agriculture and Livestock
The 6.3% rise in May 2024 is largely driven by an 8.8% increase in the crop output group, particularly due to changes in olive oil prices, and a 0.5% increase in the animal output group.
![Balkans Blackout Highlights Climate Threats to Power Grids](https://www.ot.gr/wp-content/uploads/2024/07/blackout-1-600x457.png)
Balkans Blackout Highlights Climate Threats to Power Grids
The surge in electricity demand during the heat wave and the power deficit in Balkan markets have driven up prices in the Greek wholesale electricity market.
![Greece in Top 4 Destinations Favored by European Tourists](https://www.ot.gr/wp-content/uploads/2021/06/ploio-600x400.jpg)
Greece in Top 4 Destinations Favored by European Tourists
Greece was selected by 5.9% of respondents who were asked where they would vacation this year, up from 5.4% in the same survey last year
![Scope Affirms Greece’s BBB- Ratings; Revises Outlook to Positive](https://www.ot.gr/wp-content/uploads/2024/06/euros-2048x1365-1-600x400.jpg)
Scope Affirms Greece’s BBB- Ratings; Revises Outlook to Positive
The international ratings firm raised Greece to investment grade in early August 2023
![First Seaplane Test Flights to Skopelos, Alonissos, Skyros](https://www.ot.gr/wp-content/uploads/2024/06/hellenic-seaplanes-pilotikes-ptiseis-ydatino-pedio-lavriou-600x450.jpeg)
First Seaplane Test Flights to Skopelos, Alonissos, Skyros
After decades of on-again, off-again efforts to schedule regular seaplane routes to Greece's numerous island and coastal destinations the prospect now appears within sight
![ELSTAT- Overall Import Price Index for May 2024 up 2.8% y-o-y](https://www.ot.gr/wp-content/uploads/2023/08/unnamed-41.jpg)
ELSTAT- Overall Import Price Index for May 2024 up 2.8% y-o-y
The same price index had decreased 20.8% from May 2022 to May 2023
![Over 7 in 10 Employees Feel Their Contributions Are Not Appreciated](https://www.ot.gr/wp-content/uploads/2024/06/ergasia-ergazomenos-600x300.jpg)
Over 7 in 10 Employees Feel Their Contributions Are Not Appreciated
Specifically, the option "Subjective opinions are prioritized over objective data" ranked highest in importance for young employees, with a score of 3.89 out of 4
![OECD: Job Vacancies on the Rise in Greece](https://www.ot.gr/wp-content/uploads/2024/07/ergasiabusinness-768x556-1-1-600x434.jpeg)
OECD: Job Vacancies on the Rise in Greece
By the fourth quarter of 2023, job vacancies per unemployed person had risen by more than 4, with the index reaching 446 units compared to 100 units in late 2019