Saturday , September 23 2017
Home / News / Economy / Greeks To Work for €2 per Hour & Earn €2.50/h after 10 Years

Greeks To Work for €2 per Hour & Earn €2.50/h after 10 Years

To work or not to work? To work in Greece or to migrate abroad? This dilemma is something that thousands of Greece’s youth below 25 years old will have to answer before starting their professional life in the debt-ridden country. But even for those above 25 who get a job in IMF-times of austerity and unemployment things are not much rosier.

The new austerity package bill determines a minimum wage of 510,95 euro gross per month for employees below 25.

 In a country where youth unemployment is over 55%, the lucky ones to get a job will be in the preferential position to earn 660 euro gross per month after working for the same employer for 10 whole years.

The minimum wage for those below 25 will get 10% increase every three years and for 3×3 years. After 9 years of work they will earn 660 euro gross per month.

In much better position and with real wealth perspective are those above 25 years old:

Minimum wage  is fixed to 586,08 euro gross per month. They will receive 10% salary raises every three years and up to 3×3 years. That is after 9 years of work those starting with the minimum wage now, will be receiving 761 euro gross.

Minimum daily compensation for unskilled workers will be:

 Workers below 25 : 22,83 euro and 5% hikes every three years for 2x3years. A total of 10% hike for 6 years of work will benefit the lucky worker with 24.83 euro per day.

Workers above 25: 26.18 euro and 5% hikes every three years for 6x3years. A total of 30% for 18 years of work. That means that the worker will receive the amazing daily compensation of 33,80 euro per day after 18 years of work.

Part-time employees will be benefited with the superb amount of 255 euro per month, that is 2×100-euro bank notes or 4×50-euro bank notes.

All these nice wages and salaries for work of at least 40 hours per week

510 euro:4 weeks = 127 euro per week :40 hours = 3.18 euro per hour gross

No matter if one has a university degree or finished a technical college, no matter if one gets a first job without a previous work experience or has worked for ten years in a notjer field, s/he will get paid with the minimum wage.

In times where jobs are as rare as money, many people work without insurance and social security, Part-time work is on the rise in order to avoid social contributions on the side of employers. Part-timers have zero chance to receive unemployment allowance.

An always increasing number of people work and wait to be paid for more than 6 months. Impossible? Possible in Greece.

How can one live and even create a family with 510/580 euro per month? Probably the same way that s/he will be able to get a pension of 200 euros after 40 years of work. If still alive…

At the same time, the bill foresees that the minimum wage will be decided by the Minister of Labour and not between the unions and other social institutions and the employers as in the past.

These regulations will be valid until unemployment falls at 10%.  Currently, unemployment is at 25% with rising tendency.

And here we are in proud position to announce that employees and workers of an EU country return to the dark working conditions of pre-industrialization times. We need a Charles Dickens to write down the modern Greek drama.

Taking into consideration that consumer prices (food, utilities, ticket fares etc) remain high, I believe it’s a matter of time that they will establish poor houses in Athens and other cities across the country. Provided, the Troika will let them.

PS When I wrote in February 2012, that Greeks will work for 2 euro per hour, some doubted my calculations and had asked for double checking.. Here you have it black on white.

Check Also

Is Greece’s crisis over? The Good Signs & the Bad Signs…

‎Is the Greek economic crisis over? Below some observations by Project Manager/Business Analyst at Zacks …

12 comments

  1. giaoýrti giaoyrtáki

    Charles Dickens has no money to live in Greece and is too old for the green house. His sons and daughters live on the streets and therefore have no time to write.

  2. How about an article on the tax increases?

  3. keeptalkinggreece

    new taxation system is not official yet, probably on weekend. but we had the 25-35% extra levy on photovoltaic, if you’re interested.

  4. It just encourage people to work black. Why work with IKA insurance (they still call it insurance… it does not cover anything and forget about pension). Also for seasonal workers… they want to work with IKA in order to get unemployment money in winter. They slash the unemployment money so it’s better to have some extra cash working black rather than with insurance.
    Or am I wrong?

  5. I can see why people want to get out of Greece with this sort of future (and present). Just be careful. It isn’t as if those who benefit from such measures also don’t benefit from dictatorships.

  6. The Greek MPs undoubtedly will lead by example and cut all their salaries (and those of their staffs) to say 3x the min. wage and probably give up the perks as well.

    Wealth transfer…always hit the lowest paid first, they have the least political clout.

  7. true. they will also lay off secondary education staff from public sector.

  8. 2 euros is about 3 dollars. I belive 3 dollars an hour was the minimum wage in my parts in 1982 or so, 30 years ago. In 1990 when I was a minimum wage worker one summer, I was getting 5 dollars an hour. Wouldn’t the drachma be worth it to get out of this cycle?

  9. hardly… then ti woul dbe immediately devaluated at 50-60%