In a move aimed at improving the standard of living for its citizens, Greece has implemented an increase in the minimum wage effective from April 2024. Greece’s Minimum Wage Hike reflects the government’s commitment to prioritizing the welfare of its workforce. This decision comes amidst efforts to address income inequality and uplift the economic prospects of workers across various sectors. Here’s an overview of the key details regarding this significant change – new minimum wage. The minimum wage in Greece has been raised to 830,00 euros per month. This increase represents a significant rise from the previous rate and is intended to provide workers with a more equitable compensation for their labor.
The article explores Greece’s implementation of a minimum wage increase, detailing its legislative basis, impact on workers’ financial well-being, economic implications, social welfare benefits, enforcement measures, and its role in fostering inclusivity and equity.
To provide an overview of the new minimum wage rates for employees, let’s begin by examining the breakdown of both monthly and daily salaries, along with adjustments for triennials and marriage allowance based on years of service, as outlined in the tables below.
| Employees with monthly salary | |||||
| % | Triennials | Marriage Allowance | |||
| Years of Service | From 1.4.2023 | From 1.4.2024 | From 1.4.2023 | From 1.4.2024 | |
| From 0 to 3 | 0% | 780 | 830 | 858 | 913 |
| From 3 to 6 | 10% | 858 | 913 | 936 | 996 |
| From 6 to 9 | 20% | 936 | 996 | 1.014,00 | 1.079,00 |
| From 9 and above | 30% | 1.014,00 | 1.079,00 | 1.092,00 | 1.162,00 |
| Employees with daily salary | |||||
| % | Triennials | Marriage Allowance | |||
| Years of Service | From 1.4.2023 | From 1.4.2024 | From 1.4.2023 | From 1.4.2024 | |
| From 0 to 3 | 0% | 34,84 | 37,07 | 38,33 | 40,78 |
| From 3 to 6 | 5% | 36,59 | 38,92 | 40,07 | 42,63 |
| From 6 to 9 | 10% | 38,33 | 40,78 | 41,81 | 44,48 |
| From 9 and above | 15% | 40,07 | 42,63 | 43,55 | 46,34 |
| From 12 to 15 | 20% | 41,81 | 44,48 | 45,3 | 48,19 |
| From 15 to 18 | 25% | 43,55 | 46,34 | 47,04 | 50,04 |
| From 18 and above | 30% | 45,29 | 48,19 | 48,78 | 51,9 |
The tables show that with more years of service, benefits increase, promoting employee longevity and loyalty.
Legislative Changes
Legislative action made the decision to raise the minimum wage, reflecting Greece’s commitment to prioritize the welfare of its workforce. This move underscores a broader initiative to promote social justice and economic stability in the country.
Impact on Workers
For many low-wage workers, the increase in the minimum wage will have a direct and positive impact on their financial well-being. The goal is to alleviate financial strain for individuals and families reliant on minimum wage income. Consequently, this raise is expected to improve the overall quality of life.
Economic Implications
Critics may raise concerns about the potential impact on businesses. However, proponents argue that the increase in minimum wage will stimulate consumer spending. They believe it will contribute to economic growth by putting more money into the hands of workers. This measure will create a ripple effect that benefits the broader economy.
Social Welfare
Beyond its economic implications, the raise in minimum wage also carries significant social welfare implications. By ensuring that workers earn a fair and livable wage, the government aims to reduce poverty levels and enhance social cohesion within Greek society.
Implementation and Enforcement
Employers must comply with the new minimum wage requirements mandated by law. Failure to adhere to these regulations may result in penalties or legal consequences. Authorities will monitor compliance closely to ensure that workers receive their rightful compensation.
Future Prospects
The increase in minimum wage reflects a step towards building a more inclusive and equitable society in Greece. Moving forward, policymakers will continue to evaluate and adjust wage policies as necessary. Their aim is to promote sustainable economic development and improve the overall welfare of the population.
In summary, Greece’s 2024 minimum wage increase aims to improve living standards and tackle income inequality. Should you need further guidance, feel free to contact Eurofast’s payroll experts in Greece at athens@eurofast.eu.
Panagiota Marasoglou
Head of Payroll Department
Eurofast Athens
athens@eurofast.eu