Greece - two-year general agreement signed

Unions and employers have signed a new two-year national agreement for employees in Greece, which effectively sets the level of the national minimum wage. The agreement provides for a 3.6% increase backdated to 1 January 2002 followed by a further 1.8% from 1 July 2002. An additional payment will be made if inflation over the year exceeds 3.3%. (It was 3.8% in February). For next year there is an increase of 3.9% from 1 January but there is no provision for compensation for higher than expected inflation. Minimum monthly pay, the national minimum wage, from 1 July will be ¤498.85.

The Euro was worth 63p at 20 May 2002