Despite growth and pay rises, Greek workers are among the poorest in Europe
Summary
Greece’s economy has grown and wages have increased since 2019, but Greek workers still earn some of the lowest salaries in the European Union. Despite government efforts to raise the minimum wage and cut taxes, inflation and limited collective wage agreements have reduced the actual purchasing power of Greek workers.Key Facts
- The conservative New Democracy party took power in Greece in 2019, promising economic growth and better living standards.
- Greece now has the second-lowest average annual salary in the EU, after Bulgaria.
- From 2019 to 2024, Greece’s living standards improved slightly but still lag behind many Eastern European countries.
- The minimum wage has been increased from 580 euros to 920 euros per month, with plans to raise it further to 950 euros.
- Average monthly wages reached 1,516 euros, ahead of government targets.
- Income tax rates were cut, especially benefiting families with children and young workers under 25.
- Real incomes have dropped by about one-third over 15 years due to higher inflation compared to wage growth.
- Only about 20% of Greek workers are covered by collective wage agreements, far below the EU guideline of 80%.
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