Greece increases the minimum wage again - On April 1, it will go to 920 euros, compared to the current 880 euros
Greece will raise the gross monthly minimum wage by 4.5% from April 1, the sixth increase in four years, as it seeks to restore living standards hit by a decade-long financial crisis and protect consumers from rising energy costs due to the Iran conflict.
Greece is recovering strongly from the 2009-2018 debt crisis, which wiped out almost a quarter of its output and slashed pensions and wages as part of austerity measures in exchange for 290 billion euros ($335 billion) in bailout loans.
The center-right government of Prime Minister Kyriakos Mitsotakis, who won a second term in 2023, has cut taxes and social security contributions and increased the minimum wage for full-time workers five times since 2022, while aiming for a monthly minimum wage of 950 euros by 2027.
But purchasing power in the country is still below the European average and is taking a new hit from rising energy prices stemming from the ongoing US-Israeli war with Iran and fueling inflation.
Greece has set a cap on profit margins for fuel and some supermarket goods and last week announced subsidies for fuel and fertilizer, as well as discounts on ferry tickets.
"To further support people, we decide on a new increase in the minimum wage from April 1," Mitsotakis said. According to him, the gross monthly minimum wage will increase to 920 euros on April 1, from 880 euros currently.
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