Greece Ranks 13th on European Minimum Wage List

According to Bloomberg’s latest ranking of minimum wages among 27 EE countries, Greece secures the 13th position, while Luxembourg claims the top spot with a minimum wage of 2,571 euros. Bloomberg’s calculation method, based on 14 salaries divided by 12, places Greece’s minimum wage at 910 euros.

A recent Eurofound report signals a positive shift in 2024, showcasing a reversal in the trend of diminishing purchasing power observed in early 2023. The year’s wage increases, particularly for low-wage workers, have outpaced inflation since 2022, narrowing the gap with median earners.

Eurofound’s preliminary analysis spans 22 EE nations, offering insights into the latest minimum wage rates and projecting the real value of increases. The report compares changes in national minimum wages from January 2023 to January 2024, considering the annual inflation rate up to December 2023.

In an interesting contrast, Sweden, Austria, Denmark, Finland, and Italy lack national minimum wages but establish them through collective agreements. Meanwhile, Luxembourg’s minimum wage reached 2,570.93 euros for unskilled workers by late September, with skilled workers seeing an increase to 3,085.11 euros after an automatic inflation-driven wage adjustment.