Estimated increase in the minimum wage
In accordance with Article 39 of Law No. 5013/2023 (Official Government Gazette A’ 2/19-01-2023) on “Multi-level governance, risk management in the public sector and other provisions”, the deadlines for the submission of all the procedures for the increase in the minimum wage (written invitation on the part of the Coordination Committee of the public consultation, drafting and submission of the report, the transmission of the memorandum and documentation as well as of the report of the specialized scientific and research bodies to the Centre for Planning and Economic Research, along with the draft Consultation Conclusion and the recommendation of the Minister of Labour and Social Affairs to the Council of Ministers), in order for the new minimum wage increase to take place on 1 April 2023, instead of on 1 May 2023, as was originally planned.
The rate of increase of the minimum wage is expected to range from 5.5% (most likely scenario) to 9.5%, with a view to setting the minimum wage at pre-2011 national levels.
Depending on the rate of increase, the overall cost is expected to shift from EUR 713.00 to EUR 752.00-€781.00, which entails impending increases in a variety of benefits and allowances dependent on the minimum wage (for example, unemployment benefits, managerial contract determination thresholds, and so on).
With reference to the three-year periods of service completed by employees (triennials), and as it does not appear that the rate of employment will fall under the 10% threshold, it is not expected that they will be ‘unfrozen’ beyond 14 February 2012.
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106 73 Kolonaki, Athens
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This article is part of the Newsletter March 2023.