Increase of 11 pct in minimum wage to have knock-on effect in economy

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Increase of 11 pct in minimum wage to have knock-on effect in economy

Economy 29/01/2019 - 10:41 Tags: Income

As was widely anticipated, during the cabinet meeting yesterday Alexis Tsipras announced that the minimum wage in Greece will increase for the first time in a decade to 650 euros per month, from 586 euros currently, effective from February 1.

This represents a rise of close to 11 percent, surpassing the upper threshold of the committee of wise men that had recommended a rise between 5 and 10 percent. Given that the process of deciding the appropriate level for the minimum wage, i.e. one that...

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