Greece to raise monthly minimum wage by 6.4% to 830 euros
© Reuters. FILE PHOTO: A worker carries a bag of animal feed at the Union of Agricultural Cooperatives on the island of Naxos, Greece, May 16, 2022. REUTERS/Karolina Tagaris/File PhotoATHENS - Greece will raise its monthly minimum gross wage by 6.4% to 830 euros, the conservative government said on Friday, the fourth such increase in five years aimed at easing the burden on households squeezed by a higher cost of living.
Greece's economy expanded by 2% last year, slightly lower than the government's projection but still well above the euro zone average of 0.4%. It expects growth of 2.9% this year buoyed by tourism, increased investments and domestic demand.The government, which won re-election last June, has promised to raise the monthly minimum wage to 950 euros by 2027, when its term ends, and increase the average wage by more than 25% to 1,500 euros in the same period.
Mitsotakis said earlier this month that there was no fiscal room for a one-off handout to support the most vulnerable, a common practice in recent years, and that he preferred increasing wages instead. Greece emerged from a series of international bailouts in 2018 and last year regained investment-grade status from credit rating agencies after 13 years in the"junk" category due to its overwhelming national debt.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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