Greece announces 11% minimum wage increase after ten years

Reuters - Greek Prime Minister Alexis Tsipras announced at a cabinet meeting on Monday that the country's minimum monthly wage will be increased from 586 euros (670 U.S. dollars) to 650 euros (743 U.S. dollars), marking the first rise in minimum wage since the outbreak of the country's government debt crisis 10 years ago. The measure, which constitutes an increase of over 11 percent, will start applying as of Feb. 1. Meanwhile, the government is abolishing the so-called subminimum wage that applied to workers aged under 25. The 650 euros per month rate will apply to them too. The wage increase is expected to benefit 60,000 employees in the country. The minimum wage in Greece was reduced to 586 euros in 2012 as a means of boosting the country's competitiveness.