A lesson in labor

It's hard to believe that the number of working pensioners in Greece has doubled in just a few months. This significant surge undoubtedly stems from workers who, dissuaded by the withholding of their pensions, previously chose to participate in the informal economy.

The effect of the government's initiative, which drew thousands of pensioners out of the clandestine workforce, can also be viewed as an experiment: It has demonstrated that excessive non-wage costs only serve to bolster informal labor while deterring legitimate employment opportunities.