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GreekReporter.com Greek News Economy 24-Year-Old Employees in Greece Earn € 380 per Month on Average

24-Year-Old Employees in Greece Earn € 380 per Month on Average

Twenty-four-year-old employees in Greece earn an average of 380 euros per month, while an 18-year-old makes 265 euros per month, a Kathimerini newspaper report says.
The report is based on data from statements submitted to the single security fund for professionals and freelancers (EFKA) and the Social Security Fund (IKA). The statements show that the average Greek employee must reach the age of 50 before they can earn a four-digit net salary.
A 24-year-old private sector employee in Greece is currently earning an average of 380 euros per month, while a 18-year-old, if he has a job, will have to settle for 265 euros per month on average, the report says.
The report divides employees and workers in age groups. It uses as main reference about 2 million employees registered in IKA:
1. In the 15-19 age group, there are only 33,000 people insured. They earn an average 315.34 euros gross or 264.88 euros net. In 2009, 18-year-olds were earning 548 euros gross (on average), which means that they have lost 42 percent of their wages.
2. In the 20-24 age group, the average pay has dropped to 454 euros gross or 381 euros net. In total, 178,000 working people are currently in the 20-24 age group, or about 8 out of 100. Again, the average pay cut is 42 percent compared to December 2009.
3. In the 25-29 age group, in which there are 257,198 employees, the average earnings are 606 euros gross on average, or 509 euros, after insurance contributions are deducted. Due to the rise on part-time employment and the slump of minimum wage, there has been a decrease of 36.49 percent compared to December 2009.
4. At the age between 30 and 34, the average worker in December 2009 was making 1.146 euros gross. By June 2016, the decrease has been 31 percent, to 785.82 euros gross or 660 euros net.
5. For employees from 35 to 39, the average net salary is now 796 euros, corresponding to a gross wage of 968 euros. Before the economic crisis, average gross earnings totaled 1,310 euros.

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