In 2023, wages will return to pre-pandemic levels

A double increase in the minimum wage is expected in 2022, however, average wages will not return to pre-pandemic levels before the beginning of 2023.

At the same time, inflation is galloping and GSEE demands the immediate return of the minimum wage to 751 euros, in order for employees to face the wave of price increases that has been spreading in Greece for months. After 751 euros, the Confederation proposes to follow the adjustment of the minimum wage to 60% of the gross full-time wage, ie to 809 euros.

However, all surveys show that the average level of wages in our country will return to the levels of 2019, in January 2023. That is, it will be set at 1,195 euros (gross), an amount that corresponds to the wages of December 2019, just two months before the first lockdown. Respectively, the Greek economy – in terms of GDP – will return to the levels of 2019, in early 2023 as well .

Losses of the average full-time employee were to the tune of 2.5% during the pandemic.

This reduction, according to a study by the ILO (International Labor Office) was mainly due to the reduction of working hours. According to a study by Oxford Economics (May 2021), the average level of wages in Greece will return to pre-pandemic levels at the end of 2022.

These conclusions come from a study by Mr. S. Robolis (Emeritus Professor of Panteion University) and V. Betsis (PhD from the same university) in the light of which the level of salaries and indicators of the Greek economy during pandemic but also after it.

An additional reason, which will contribute to the delayed return of wages, is the increased deregulation of the labor market (eight-hour tire, unpaid overtime, individual agreement, obstruction of trade union activity, etc.).

The research sharply criticizes the government’s choice of specific measures that lead to income losses such as the implementation of flexible working hours and the reduction of overtime pay.