Greece is in Europe’s southernmost region. Albania, Northern Macedonia, Bulgaria, and Turkey are its neighbors. It is bounded in the east by the Aegean Sea (which includes the Icarian and Thracian Seas), in the west by the Ionian Sea, and in the south by the Mediterranean Sea and the Sea of Crete.
It is a lovely warm country with a pleasant climate, an ancient history, and numerous attractions. Greece has a population of approximately 10.3 million people. Over 14% of the workforce is unemployed. Let’s see what a good salary in Greece in 2023 is.
The Minimum Salary In Greece
The Greek government estimates that the official minimum wage in Greece in 2023 will be 650 euros per month. This rate is based on 14 payments per year. So, for the standard 12 payments, Greece’s minimum wage rises to 758.33 euros per month. Greek workers are paid a daily minimum of 29.04 euros. The annual salary is 9,100 euros.
Note. In Greece, the minimum wage is based on 40 hours of work per week.
The Greek minimum wage was raised from 683.8 to 758.33 euros per month at the beginning of 2019. Prior to that, the rate had been stable for seven years. Furthermore, the minimum wage in Greece in 2012 was 876.62 euros. It was an increase of 118.29 euros over the current level. A one-of-a-kind case for the European Union.
The Average Salary In Greece
According to the insight from The Greek Primary Social Security Fund, the average wage in Greece for full-time private-sector workers in 2022 is €1,182.39 per month and €51.28 per day. The information was gathered from nearly 251,000 businesses employing a total of 2.054 million people. According to international research organizations, Greek workers earn 1,060.45 euros per month.
Note. According to the GSEE Labor Institute’s report on employment and the Greek economy, 571,000 Greeks (roughly one-fifth of private sector workers) are paid less than €500 per month, and 251,000 are paid less than €250.
Management, law, and information technology pay the highest salaries in Greece, while the textile, leather, and clothing industries, as well as tourism, gastronomy, hotels, and agriculture, pay the lowest. After taxes, the average monthly salary in Greece is less than 950 euros.
Important. According to the insight from the Organization for Economic Cooperation and Development, we can see the average salary in Greece is exactly 17,589 euros per year, and per month it becomes 1,466 euros.
Finally, the Greek income tax on salaries ranges from 9% (up to 10,000 euros per year) to 44%. (income over 40,000 euros per year).
How Much Money Does Someone Make In Greece?
In Greece, the average monthly salary is around 2,430 EUR. Salaries range from 620 EUR (lowest average) to 10,900 EUR (highest average) (highest average, actual maximum salary is higher).
This is the average monthly salary, which includes housing, transportation, and other perks. Salaries differ greatly between occupations. If you are interested in the salary of a specific job, please see the table below for salaries for specific job titles.
Distribution Of Salaries In Greece
The Median, The Maximum, The Minimum, And The Range
- Salary Range
In Greece, salaries range from 620 EUR per month (minimum) to 10,900 EUR per month (maximum average salary, actual maximum is higher).
- Median Salary
The median monthly salary is 2,340 EUR, meaning half of the population (50%) earns less than this amount while the other half earns more. The median salary value is the middle salary value. In general, you want to be on the right side of the graph, in the group that earns more than the median salary.
Two values are closely related to the median: the 25th and 75th percentiles. According to the salary distribution diagram, 25% of the population earns less than 1,330 EUR, while 75% earn more than 1,330 EUR. According to the diagram, 75% of the population earns less than 6,330 EUR, while 25% earn more than 6,330 EUR.
What Is The Distinction Between A Median And An Average Salary?
Both serve as indicators. You are doing extremely well if your salary exceeds the average and the median. If your salary is less than both, many people earn more than you, and there is plenty of room for growth. Things can get complicated if your wage falls between the average and the median. We created a guide to explain the various scenarios.
Salary Comparison By Years Of Experience
How Does A Person’s Salary Progress Over Time?
The most important factor in determining salary is the level of experience. Naturally, the higher the wage, the more years of experience.
Employees with two to five years of experience generally earn 32% more than freshers and juniors across all industries and disciplines.
Professionals with more than five years of experience earn 36% more than those with five years or less of work experience.
Salary changes based on experience vary greatly from one location to the next and are also heavily influenced by the career field. The information presented here is the average of many different jobs. Choose a specific job title to see accurate figures.
When you reach the ten-year mark, your salary increases by 21%, with an additional 14% for those who have reached the fifteen-year mark.
These figures are only provided as guidelines. When you consider one job title at a time, the numbers become more significant.
” On average, a person’s starting salary doubles by the time they reach ten years* of experience.”
Salary Comparison By Education
How Does The Education Level Affect Your Salary?
Higher education is well known to result in a higher salary, but how much more money can a degree add to your income? We compared the salaries of professionals at the same level but with different college degree levels across a variety of jobs, and the results are shown below.
Salary changes based on education vary greatly from one location to the next and are also heavily influenced by the career field. The information presented here is the average of several jobs. Choose a specific job title to see accurate figures.
Workers with a certificate or diploma earn 17% more than their peers who only completed high school.
Employees with a Bachelor’s Degree earn 24% more than those with only a certificate or diploma.
Professionals who have earned a Master’s Degree earn 29% more than those who have earned a Bachelor’s Degree.
Finally, while doing the same job, Ph.D. holders earn 23% more than Master’s Degree holders.
Is A Master’s Degree Or An MBA Worth It? Should You Pursue Higher Education?
A Master’s degree program or any post-graduate program in Greece costs between 12,200 and 36,500 Euros and lasts about two years. That is a significant investment.
If you already have a job, you shouldn’t expect any salary increases during your studies. In most cases, a salary review occurs after education is completed and the degree is obtained.
Many people pursue higher education as a means of transitioning into a higher-paying job. The numbers appear to support this strategy. When changing jobs, the average pay increase is approximately 10% higher than the standard salary increment.
The decision is really dependent on your situation and experience, among other things. Leaving all other variables aside, if you can afford the costs of higher education, the return on investment is unquestionably worthwhile. You should be able to recoup your expenses in about a year.
Salary Comparison By Gender
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Greece earn 7% more than their female counterparts on average across all sectors.
Average Annual Salary Increment Percentage in Greece
How much are annual salary increments in Greece? How often do employees get salary raises?
Employees in Greece can expect a salary increase of about 9% every 16 months.
The figures presented here are averages of several numbers. These figures should be regarded as broad guidelines. Salary increases vary from person to person and are determined by a variety of factors, but your performance and contribution to the organization’s success remain the most significant factors in determining how much and how frequently you will be granted a raise.
The term ‘Annual Salary Increase’ usually refers to an increase in a 12-month period, but because salaries are rarely reviewed exactly on the one-year mark, knowing the frequency and rate at the time of the increase is more meaningful.
How To Calculate The Salary Increment Percentage?
The annual salary increase in a calendar year (12 months) is simple to calculate: Increase Rate x 12 Increase Frequency = Annual Salary Increase.
“In Greece, the average salary increase over a year (12 months) is 7%.”
Bonus And Incentive Rates In Greece
How Much And How Often Are Bonuses Being Awarded?
In Greece, 49% of those polled said they had received no bonuses or incentives in the previous year, while 51% said they had received at least one type of monetary bonus.
Bonuses ranged from 3% to 5% of the annual salary for those who received them.
Types Of Bonuses Considered
Individual Performance-Based Bonuses
The most common type of bonus is where the employee is rewarded for exceptional performance.
Company Performance Bonuses
Some businesses like to celebrate excess earnings and profits with their employees collectively in the form of bonuses that are given to everyone. The amount of the bonus will most likely vary depending on the individual’s role within the organization.
Granted upon achieving an important goal or milestone.
Holiday / End Of Year Bonuses
These bonuses are usually given without reason and resemble an appreciation token.
Bonuses Are Not Commissions!
People frequently mix up bonuses and commissions. A commission is a fixed rate at which someone is paid for items sold or transactions completed, whereas a bonus is usually arbitrary and unplanned.
For international students, Greece is one of the more affordable European destinations. Most people should be able to live comfortably on 450-750 EUR per month.