The new minimum wage, which is expected to be set at €830, was decided on the meeting held last Wednesday evening at the Maximos Mansion. Labor Minister Domna Michailidou submitted her proposal to the Prime Minister on Friday, who will announce the increase after the meeting of the Council of Ministers on Wednesday, March 27.
Therefore, the percentage of the increase amounts to 6.5%, or €50 gross, which is considered a significant increase for low-income households to cope with the cost of living. The new wage will be set at €830 from April 1, up from €780 currently, and the net amount will be €706 from €667 today.
Over a three-year period, the new minimum wage of €830 will rise to €913 gross, or €762 net, after two three-year periods it will reach €996 gross and €817.5 net, while after three three-year periods, assuming an increase of €50 gross, the new minimum wage will rise to €1,079 gross, corresponding to €872 net (a net increase of €42.5 per month).
This means that an older married employee will receive €1,186.9 per month from April 1, along with the marriage allowance.
It is recalled that during the consultation process, employer proposals ranged from 4% to 5%, while the workers’ union proposed an increase of 16.4% (€128) so that the new minimum could be set at €908 gross.
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The increase in the minimum wage drags 19 benefits upward. Thus, assuming the minimum wage is set at €830, the unemployment benefit received by about 140,000 unemployed individuals will increase to €510 from €479 today.
The special maternity allowance, parental leave allowance, and the employment experience acquisition allowance will increase from €780 to €830.
Also, the non-wage allowance will increase from €479 to €510, and the employment allowance (50% of the unemployment benefit) will increase from €239.5 to €255.