Calamos Supports GreeceCalamos Supports Greece Greek News Economy Wages in Greece Drop, but Rise in the Rest of Europe

Wages in Greece Drop, but Rise in the Rest of Europe

Greece is the only country in the European Union where the gross minimum wage from 2012 to 2017 has dropped by 22%, while the rest of European see their wages go up, according to Eurostat figures. From 877 euros per month in the first half of 2012, according to the European statistical authority, minimum wage is now at 684 euros.
The citizens of Luxembourg enjoy the highest minimum wage in the European Union. In the first half of 2012 they were paid a minimu 1,801 euros per month and this year their minimum wage reached 1,999 euros.
Even though extremely low, wages in Bulgaria had the highest growth percentage (70.4%) as minimum wage rose from 138 euros per month to 235 euros since 2012, even though they remain the lowest in the EU, despite the increase.
Romania followed an increase of 70.1% (from 162 to 275 euros). However, even the countries that found themselves in bailout programs (Spain, Portugal, Ireland, Cyprus) did not suffer the catastrophic wage reductions that Greece did.
In Ireland, for example, minimum wage rose by 6.9% to 1,563 euros (second place in Europe) from 1.462, while in Portugal there was an increase (14.8%) from 566 euros to 650 euros.

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