The target for an average gross salary of 1,500 euros in 2027 seems achievable, but not for everyone, with data showing that private sector salaries in Greece are increasing, though not at the same rate and not for all employees.
The actual data of businesses, as declared to the Single Social Security Entity (EFKA) for June, July and August 2024, are indicative and highly revealing. They record a wage increase of 3% for large enterprises and 4% for small ones (employing up to 10 people), with the average full-time wage in enterprises with 10 employees or more reaching €1,412.44 (gross) in June, €1,424.57 (1% increase) in July and €1,457.41 (3% increase) in August, while at small and very small enterprises the average wage in June rose to €994.71 (gross), in July to €1,015.06 (2% increase) and in August to €1,032.14 (4% increase).
The difference between the two categories of enterprises is large, with employees at large enterprises receiving on average almost €400 more each month.
Even greater, according to all the data, is the difference in relation to the salaries that prevailed in our country before the 2010 crisis. It is no coincidence that, according to the Parliamentary Budget Office, Greeks need about a decade for the nominal GDP per capita to reach €21,000, as it was in 2007. Even then, it will be about 54% of the current eurozone average. An analysis by the Center of Planning and Economic Research (KEPE) even estimates that the real reduction, at constant prices (2015), exceeds 30%.
In detail, according to recent data published by EFKA, in August 2024 the average salary for full-time employment amounted to €1,365.81 gross or €1,065 net. Compared to 2023, the average salary at joint ventures increased by 7.17% – and in construction projects by 5.43%.
In total, there were 2.86 million employees in the private sector during this period, but 22% of them – i.e. more than 630,000 – worked part-time and had an average gross salary of €582, or €500 net. The number of insured persons at joint ventures increased by 4.31% in one year.