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Minimum Wage Received by 25% of Employed Greeks

New data released by the largest insurance fund of the country, IKA, leaves little room for positive thoughts, regarding the future of salaries in Greece.

According to IKA, more than half of the employees in the private sector receive a net salary of no more than 730 euros.

IKA data revealed that, until December 2013, 34% of employees received salaries lower than the salaries of unskilled workers. It also revealed that half of the employees insured at the fund had a gross salary of less than 936.64 euros. This means that- after subtracting income tax and solidarity contributions- the net salary of more than half of private sector employees did not even reach 730 euros.part-time workers

The IKA report notes that the drop in salaries is party due to the shifting from collective labor agreements to personal contracts and to the shifting of full-time to part-time workers. More than 400 thousand workers in 2013 were part-time workers.

The same report also notes that 23.2% of private sector workers (approximately 372,808 persons) receive a salary of less than 500 euros per month. The same percentage in 2012 stood at 12%.

However, the report notes that there are still 47,656 workers (3% of the total workforce insured at the fund) that get a salary over 4,000 euros per month and 5,116 persons that get a salary of over 10,000 euros per month. Interesting to note that the number of workers in this category increased from 3,942 persons in 2012 to 5,116 in 2013. Moreover, the percentage of workers that receive less than 1,000 euros skyrocketed from 37% in 2011, to 53.7% in 2013.