Minimum wage of 780 euros mulled

The government is examining the prospect of raising the minimum monthly wage to 780 euros from the current €713 level to offset rising inflation. The decision is expected to be made within the first fortnight of March, at the height of the pre-election period.

It is already taken for granted that there will be a restoration of the minimum wage to pre-memorandum levels, namely €751. However, the government's economic staff are now discussing the strong possibility of increasing the minimum wage even by 9-9.5%, in order to cover the loss of income of about 650,000 private sector wage earners, from the increase in the Consumer Price Index.

At the moment, and given that the government is touting "the needs of both society and business," the current scenario is that the minimum wage will increase by at least 7.75-8%, the same as the increase in pensions. This leads to a...