Pay Gap Widens as Small Greek Firms Struggle to Raise Wages

Article Highlights
Off On

As Greece navigates its path toward economic recovery, the private sector embodies both triumph and tension, with salary growth revealing uneven progress across various sectors. Recent data signals a pressing concern: while larger enterprises have made marked strides toward wage enhancement, smaller firms lag notably behind in this upward trend. The disparity is evident as large companies reported wages averaging €1,457.41 in August, contrasting sharply with the €1,032.14 recorded for smaller businesses. This discrepancy highlights a fundamental challenge—despite a general upward trajectory, the private sector’s recovery exhibits significant imbalances, with smaller enterprises grappling to keep pace with their larger counterparts. Such disparities bring into question the attainment of Greece’s targeted average gross salary of 1,500 euros by 2027, as the pathway remains obstructed by varied progress within different business sectors.

Economic Challenges and Pay Disparity

In Greece, the disparity between large and small businesses transcends mere figures, encapsulating deep-rooted structural issues in the labor market dating back to the pre-2010 crisis period. Large firms saw a 3% wage hike from June to August but still pay about €400 more monthly than smaller entities, which experienced a 4% climb from a lower baseline. This wage gap highlights the challenge in achieving economic parity and regional prosperity despite some improvements, such as salary hikes in joint ventures (7.17%) and construction (5.43%) since last year. However, actual earnings have yet to return to pre-crisis levels, and real GDP per capita remains below past highs. Among Greece’s 2.86 million private sector workers, nearly 22% are part-time, earning about €582 gross monthly, underscoring an economic ecosystem in flux. These findings stress the importance of revisiting labor market policies to ensure inclusive growth and equitable prosperity across enterprises, regardless of their size.

Explore more

Wix and ActiveCampaign Team Up to Boost Business Engagement

In an era where businesses are seeking efficient digital solutions, the partnership between Wix and ActiveCampaign marks a pivotal moment for enhancing customer engagement. As online commerce evolves, enterprises require robust tools to manage interactions across diverse geographical locations. This alliance combines Wix’s industry-leading website creation and management capabilities with ActiveCampaign’s sophisticated marketing automation platform, promising a comprehensive solution to

Can Coal Plants Power Data Centers With Green Energy Storage?

In the quest to power data centers sustainably, an intriguing concept has emerged: retrofitting coal plants for renewable energy storage. As data centers grapple with skyrocketing energy demands and the imperative to pivot toward green solutions, this innovative idea is gaining traction. The concept revolves around transforming retired coal power facilities into thermal energy storage sites, enabling them to harness

Can AI Transform Business Operations Successfully?

Artificial intelligence (AI) has emerged as a foundational technology poised to revolutionize the structure and efficiency of business operations across industries. With the ability to automate tasks, predict outcomes, and derive insights from vast datasets, AI presents an opportunity for transformative change. Yet, despite its promise, successfully integrating AI into business operations remains a complex undertaking for many organizations. Businesses

Is PayPal Revolutionizing College Sports Payments?

PayPal has made a groundbreaking entry into collegiate sports by securing substantial agreements with the NCAA’s Big Ten and Big 12 conferences, paving the way for student-athletes to receive compensation via its platform. This move marks a significant evolution in PayPal’s strategy to position itself as a leading financial services provider under CEO Alex Criss. With a monumental $100 million

Zayo Expands Fiber Network to Meet Rising Data Demand

The increasing reliance on digital communications and data-driven technologies, such as artificial intelligence, remote work, and ongoing digital transformation, has placed unprecedented demands on the fiber infrastructure industry. Projections indicate a need for nearly 200 million additional fiber-network miles by 2030 to prevent bandwidth shortages, putting pressure on companies like Zayo. As a prominent provider in the telecom infrastructure sector,