Minimum wage to rise to €830
The government has decided to raise the minimum wage to around 830 euros gross and €705 net as of April 1. Labor Minister Domna Michailidou submitted her proposal to the cabinet secretariat on Friday, with the final decision to be announced next Wednesday by Prime Minister Kyriakos Mitsotakis.
In the likely event that the increase is close to €50 gross – i.e. 6.4% – the approximately 600,000 workers who are paid the minimum salary will see a monthly increase of around €40 net, as the amount that ends up in their pockets, from €666.85 today, will rise from April to €705.96.
If they are also entitled to salary maturities, the so-called three-year periods, which were “unfrozen” for the beneficiaries from January 1, the employees will see additional amounts, with the maximum amount (three three-year periods) reaching up to €1,079 gross. If the scenario of €830 is chosen, then the three-year periods will amount to €913 the first (i.e. €761.73 net), €996 the second (€817.47 net), and €1,079 the third (which corresponds after taxes and contributions to €871.8 euros).
The new increase will bring closer the target of a minimum wage of €950 by the end of the government’s four-year term and an average salary of €1,500.
