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Greece authorities announce first wage increase in decade
Greece authorities announce first wage increase in decade
Greek Prime Minister Alexis Tsipras announced an 11-percent rise in the minimum monthly wages from February 1, 2019. Previously, it amounted to 586 euros, and now it will increase to 650 euros. 
According to the official, an even-lower minimum wage for those under 25 would be abolished. This measure was introduced at the request of international lenders. Young employees earned only 510 euros per month. 
According to the Prime Minister, the Government of Greece implements initiatives aimed at improving the well-being of citizens and increasing the national economy. Greece's return in free financial markets with a five-year syndicated bond issue will start in early February 2019. Tsipras believes that the growth of salaries will stimulate the real economy of the country. 
According to the Ministry of Finance, the measures taken guarantee that almost 600,000 employees will get a higher salary. As cited by the Prime Minister, the current meeting of the Greek government is historic, as it is the first after winning a vote of confidence from the parliament. At the moment, the cabinet needs to implement important social reforms. In 2018 and at the beginning of this year, the Greek economy started improving, Tsipras noted. For example, in 2014, unemployment was estimated at 27 percent, and by now it has dropped to 18.3 percent thanks to the creation of 350 thousand new jobs.
Earlier, in 2012, Greece slashed the standard minimum wage by 22 percent to 586 euros as the country struggled with recession. After the completion of the third, final program of macro-financial assistance from international lenders in August 2018, the Greek authorities announced the cancellation of previous initiatives. These include a reduction in the minimum wage. In the near future, the Greek government also plans to place long-term bonds in the financial market.

Published: 2019-02-07 16:09:52 UTC
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