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Until next Friday, the latest on the increase in the minimum wage
  • 30 Apr 2023
  • economy

 

By next week, according to information, the announcements on the new increase in the minimum wage will be made. Along with the announcements about the minimum wage, it is possible that the new reduction in insurance contributions will also be announced.

According to information, in yesterday's cabinet the promoted interventions were not discussed in detail. However, a timetable was entered for their announcement and implementation. They are expected to take effect from May.

The above announcements were postponed due to the accident in Tempi, where under other circumstances, the ministry would proceed with the approval of the new minimum wage. The relevant announcements could be made earlier, but the government, according to information, does not want to create in any way the impression that it is doing it to change the agenda.

According to the scenarios, the government's new plan foresees an increase of the minimum to 770 to 780 euros, with the increase being 7.75%. The other and more optimistic scenario pointed to an increase in the new salary up to 800 euros, which is still a mystery if it will be confirmed. The proposals submitted by the social partners, the scientific bodies, the Bank of Greece and the KEPE to the Ministry of Labor in relation to the minimum wage which will take effect from April 1, 2023 converge on a 7% increase.

Information indicates that in the final conclusion sent by KEPE to the Ministry of Labour, an increase from 4.5% to 7.5% is proposed. On average, an increase of 6% is proposed.

The average increase proposed by the social partners amounts to 8%, while the average increase proposed by the scientific bodies and the CoE amounts to 6.8%.

In other words, the average increase from all the above proposals amounts to 7%. However, the final decisions will be taken by the Cabinet at the end of this week. A possible increase of 7% would lead to a gross minimum wage of 762 euros (against 713 euros today) or 707 euros net.

 

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