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Wise Men proposal: Minimum wage for employees below 25 to be €434 gross, ie €364 net

The so-called Wise Men Commission suggested to Greek Labor Minister Giorgos Katrougalos to lower the minimum wage for young employees below 25 years old to merely 434 euro gross per month which is €364 net.

According to the Wise Men’s findings, the minimum wage for this category of employees should correspond to 85% of the current wage for the first year of work and yo 95% for the second year.

Currently the minimum wage for this category is 51o euro gross (428 net), if lowered it will go down to 434 euro gross (363 net)for the first year and will go up to 483 euro gross (406 net) in the second year. Of course, for full time work. 

The idea ahead of upcoming labor reforms and the further deterioration of labor rights provides that the wage, especially the minimum wages, should take into consideration the general economic situation of the country but also the particular economic situation of the employer’s private company.

The irony is that those with 5,000 euro per month decide that other can live on less than 500, or even 400.

PS I suppose with these ridiculous wages of less than 2.7 euro per hour, investors will start flocking to Greece. What do you mean with “No, they won’t”?

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