Survey in Private Sector: Dramatic cuts in wages & personnel for 2011

This is a dramatic development in the private sector. One in ten companies plan to cut salaries in 2011, is the result of a survey conducted by the KPMG polling company. At the same time, 4 out of 10 companies will give ‘zero’ increases and will decrease the number of employees.

 

The survey was conducted in February 2011 in a sample of 113 private companies form different sectors of the Greek market.

 

38% of the companies gave zero increases in the year 2010, and 43% will give zero in 2011.

 

The average given salary increase is 1,4% in 2011, while it was 1,9% in 2010.

 

The most vulnerable sectors are those of Automobile and Retail, where predictions for zero increases are at 67% for Automobile and 50% for Retail.