Greece to raise minimum wage to 1,000 euros by 2028

Greece is implementing a scheduled increase in the minimum wage, aiming to reach 1,000 euros by January 2028. This process follows Law 5163/2024, which incorporates European directives regarding adequate minimum wages. The increase will occur in stages, with a notable step planned for April 2027.

Alongside the wage hike, social security contributions for private-sector employees will decrease by 0.5 percentage points starting April 1, 2027. This reduction is designed to benefit workers directly by increasing their net monthly income. The total social security burden is expected to drop from 40.56% in 2019 to 34.66% by 2027.

The final minimum wage amount will be determined by a mathematical algorithm using two new indicators developed by the Hellenic Statistical Authority (ELSTAT): a wage change index and a consumer price index specifically for the lowest 20% of income earners. This approach aims to reflect the actual cost of living for low-income households.