Greece raises minimum wages

0
43

As a major step towards ending the austerity measures the country had adopted to deal with an economic crisis, Greece has announced an increase of the country’s minimum wages.

Greece’s prime minister, Alexis Tsipras, said that the standard monthly minimum wage would rise by 11%, from €586 (£509) to €650. The government will also abolish a lower-wage category for younger employees.

The country which received the biggest financial rescue in global economic history planned the hike in consultation with EU lenders still monitoring Athens’ fiscal progress. The move, which is expected to benefit 880,000 people, must be approved by the parliament to take effect.

Greece was forced to cut the minimum wages by 22% to €586 seven years ago, as a part of the austerity measures.

Even though the economic recovery remained fragile, the unemployment rate in the country fell down by almost 10 percentage points to 18.1%. Last year, the country also outperformed budget targets set by the creditors.

SHARE

LEAVE A REPLY

Please enter your comment!
Please enter your name here