Salaries Fall for New Hires in Greece

Greek Flag(Greece) – Salaries and wages for those who are just entering in the work force have decreased. In fact, there are some professional new hires who are making less money than unskilled workers. The number of skilled workers making less money than unskilled workers has increaed from 36% at the end of 2014 to 38% in 2016. Not only that, but the amount of those people earning less than 1000 euros a month has climbed to 58.8%. There is also an increase in employees who are IKA-insured. There are over 85,000 people more who are registered with IKA in 2016 compared to the figures published from 2015.

In fact, there are people in Greece with much lower wages than 1000 euros a month. Just under 18% of the workforce earns up to 200 euros a month. Just under 27% earns 200 – 400 euros a month. Just under 44% earns 400-800 euros a month, and just under 10% earns in between 800 and 1000 euros. Over 1400 positions, or just over 1.5% of new hires, make over 1000 euros a month. This could show that jobs that pay well that are in the private sector are decreasing. However, unemployment rates in the country have improved somewhat. At the end of 2015 it was at 24.186% and as of May of 2016 the rate was 23.517%.

Greece has been in a recession since before the first bailout, which took place in 2010. The country was approved for its third bailout several months ago and now faces another pending bailout review in the fall. Because of that review, Prime Minister Alexis Tsipras has renewed his efforts to push for debt forgiveness to enable the Greek economy could recover. Austerity measures have been a part of each of the bailouts, and these have led to a decrease in salaries in the public sector, pension cuts, and other measures that have decreased the overall household income in Greece. The international creditors have said that Greece needs to decrease government spending and increase its income.

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