Saturday , June 3 2023
Home / News / Economy / Greek Austerity Shock: Mimimum Wage -25%, For the Youth -32%

Greek Austerity Shock: Mimimum Wage -25%, For the Youth -32%

The Mini Memorandum of Understanding that keeps busy Papademos and the leaders of the three parties forming his coalition government since five hours, contains some shocking austerity measures that will impoverish masses of the population form one month to the next.

Troika proposed that the minimum wage will go down at -22%. That is the minimum wage of €751 gross will get down to €586 , i.e. a nett of some 470 euro per month!

For young employees until 25 years old the wages will suffer a further cut of -10%. Young ones would be happy to work at least 8 hours per day and get what? 350 euro nett at the end of the month.

Lowering the minimum wages will have fatal impact for the next years as well, as the new wages will be combined with ‘freezing’, translated into no hikes for every 3 years.

Somebody who would start to work with the minimum wage of  €590, after ten years will earn the super salary of €760.

PS I’ll post more on this particular issue tomorrow.

PS2: I apologize for the mistakes in this post, as some reader mentioned. It’s later and KTG is shocked by the measures anyway.

Check Also

Greek bond yield falls to 10-month low

Τhe 10-year Greek benchmark bond yield has this week fallen to its lowest levels in …


  1. Just wanted to inform you that the English in this article isn’t very good-lots of mistakes…

    • of course, it’s not. KTG is shocked!!!

      • Always nice to wake up in the morning, go to read the news, and this comes up. NEW cuts ect ect. I wonder how it will be, if I wake up and it actually will be GOOD news.. Not sure I would be able to handle it..

        Totally shocked about this. Just cant believe it. HOW ON EARTH DO THEY EXPECT PEOPLE TO SURVIVE?? Oh, what they dont!!!!!!!!!.. More dying, less to feed!

  2. Don’t worry about the grammar, just keep talking…. Ευχαριστούμε πόλη

  3. I understand that the English in the article isn’t very good-as I am an English teacher but at this particular time-is that Annie’s ONLY problem????? Can’t she see for the time being we have more serious problems in Greece!!!! How about we deal with grammatical mistakes another time! Thank you KTG for being there for all of US!:-)

  4. It will increase the brain drain of young well-educated people, migrating to Australia, Europe or the States. A plan to destroy an economy would be very similar to this measures.

  5. KTG’s English is clear enough for me to understand that these measures are absolutely crazy. How are those on minimum wage expected to rent a house, pay electricity, buy food for themselves and their children, and pay their heating bill? This is really scary!

  6. @Κατμπερτ,@chryssa @Victoria thank you for being able to understand the tragic of the issue, despite the mistakes :)))

  7. The European Union describes itself as a family of DEMOCRATIC European countries, committed to working together for PEACE and PROSPERITY.
    Well we are starting to see the reality now – some of us maybe.
    The ‘European Dream’ of the unelected is the driving force. The European people are merely numbers to be juggled and manipulated.

    Oh and by the way KTG. the grammar is just fine by me.

  8. Comments on grammatical errors are irrelevant. The meaning of the words is always understandable. There are far more important matters to contemplate. The sad truth is, whilst these minimum wage proposals are terribly low, it is likely that, in the near future, there will be many people who would be pleased to earn that much. If the government goes bankrupt then (at least in theory) there will be no money to pay public employees anything, so about 500 euro per month would seem like a fortune. Poverty levels could soar and the government would be unable to offer any help. Rocks and hard places come to mind.

    • keeptalkinggreece

      thanks for your ‘grammatical’ support. As KTG earns a symbolical 1 cent per hour paid by own pockets (lol), professional grammar checking is impossible. I believe too that who wants to understand , there he does.
      In real life, wages below the minimum wage are already valid. Not to forget to mention employees who receive their salaries in installments of 200-250 euro, thus since last summer. Some get to salary at all. I’m trying to write about the real life conditions of wages but the last tow days are …hell.

  9. Hungary invented a minimum net wage for unemployed and willing to work anything (or else all benefits are cut for years), a monthly 160EUR for 8 hour workdays.