Greece tops Europe’s wage cuts league


IBNA — Greece comes top among European countries for cutting  wages in the period 2010-2017 with a drop in real wages of 19.1% for those at work, according to a European Trade Union Confederation (ETUC)  study.

The 9 countries looked at  in the study were Italy, UK, Spain, Belgium, Greece, Portugal, Finland, Croatia and Cyprus.

Workers in  6 of these countries – Italy, United Kingdom, Spain, Belgium, Greece and Finland – earned less in 2017 than in 2010.

The data have been calculated  from independent data published in February 2018 concerning “real wages” – the value of wages when considering the cost of living.

“Despite the whole debate on economic recovery, workers in many major countries are still worse off now than before the crisis and keep losing money. It is no surprise that even the Commission and the European Central Bank are calling for greater salary increases. It is essential not only for social justice but also for achieving growth and creating quality jobs”, said Confederal Secretary of the ETUC, Esther Lynch.