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Greece

Basic Economic Summary

Greece is a developed country, with an advanced high-income economy, and high quality of life, ranking simultaneously very high in the Human Development Index. Greece's unique cultural heritage, large tourism industry, prominent shipping sector, and geostrategic importance classify it as a middle power. The other major industries that contribute to the economy's GDP include agriculture, energy, maritime industry, transport, telecommunications, and science and technology.

Overview

  • Local Languages: Greek, Macedonian, Albanian, Turkish
  • Capital: Athens
  • Major Economic Hubs: Athens, Thessaloniki, Patras, Heraklion
  • Currency: Euro (EUR)
  • Population: 10,423,054
  • Time Zone: UTC+02:00 (EET), UTC+03:00 (EEST)
  • Date Format: dd/mm/yyyy

Useful Information

  • GDP Per Capita (in USD): 19,827 (2021)
  • Exchange Rate (EUR/USD): 1.2 USD 
  • PISA Ranking (2018): 43

Local Universities

Top Local Universities

University Name Rankings
National and Kapodistrian University of Athens Ranking in Greece: 1

World Ranking: 224

Aristotle University of Thessaloniki Ranking in Greece: 2

World Ranking: 249

National Technical University of Athens Ranking in Greece: 3

World Ranking: 370

University of Patras (incl University of Western Greece) Ranking in Greece: 4

World Ranking: 539

University of Ioannina

Ranking in Greece: 5

World Ranking: 625

More information on the universities in Greece can be found on Webometrics.

Salary Data

Average Salary of Jobs (Per Month)

Job Title Average Salary (in EUR) Average Salary (in USD)
Accountant EUR 1,010 - EUR 5,030 USD 1,205 - USD 6,002
Software Engineer EUR 1,070 - EUR 3,410 USD 1,276- USD 4,070
Data Analyst EUR 1,070 - EUR 3,160 USD 1,276 - USD 3,770
Sales Manager EUR 2,170 - EUR 7,500 USD 2,590 - USD 8,950
Project Manager EUR 1,330 - EUR 4,230 USD 1,587 - USD 5,047

The average salary in Greece is 2,430 EUR with the lowest average being 620 EUR and 10,900 EUR being the highest average. The average salary of an employee tends to change based on location, industry, and profession. More information about average salaries in Greece can be found here.

Talent Sourcing Tips

Taxes

Employer Payroll Tax

Employers contribute 24.33% of the employee’s income towards their social security security contribution.

Employee Payroll Tax

Employees contribute 15.33% of their income towards social security contribution.

Employee Income Tax

Annual Income Group (in EUR) Income Tax
0 - 10,000 9%
10,001 - 20,000 EUR 900 + 22% over EUR 10,000
20,001 - 30,000 EUR 3,100 + 28% over EUR 20,000
30,001 - 40,000 EUR 5,900 + 36% over EUR 30,000
Above 40,000 EUR 9,500 + 44% over EUR 40,000

Minimum Wage & Payroll

Minimum Wage

The minimum wage in Greece is EUR 758 per month.

Payroll Cycle

The payroll cycle followed is monthly. 

Bonus

13th month salary

Employees are entitled to not only a 13th and 14th month bonus but also entitled to holiday bonus.

Employee stock option

There is no provision in Greece for employers to provide Employee stock options (ESOPs), and hence, not mandatory in Greece. ESOPs can be provided by employers if agreed upon through a written employment agreement as a part of employee compensation.

Working Hours & Statutory Leave

Working hours

The working hours are usually limited to a 40 hrs week over a 5 days work week. Working hours usually begin at 8 am or 9 am and employees usually spend an average of 42 hours per week at work.

Overtime pay

Employees are paid for overtime at the rate of 1.4 times their normal hourly rate for upto 120 hrs of overtime a year. Beyond 120 hrs, employees are paid 1.6 times their normal hourly rate.

Public Holidays

The list of public holidays in Greece can be found here.

Leaves

Annual Paid Leave

Employees are entitled to a vacation of 4 weeks given they have worked under the same employer for 12 months or more. Employees taking a vacation leave are entitled to their salary at 50% their normal salary.

Sick Leave

The employer is obliged to compensate the employees at 50% of their wages for the first 3 days. Employees are entitled to compensation thereafter from social insurance.

Parental Leave

  • Maternity Leave

Female employees are to 17 weeks of maternity leave out of which the employer is entitled to pay for 15 days in case the employee has not completed 1 year of employment and 1 month in case the employee is there for more than 1 year.

  • Paternity Leave

A male employee is entitled to 2 days of paid leave for the birth of his child. In addition to this, they are also entitled to reduced working hours without any paycut.

Offboarding & Termination

Termination Process

The employer can terminate the employment contract either by giving a notice or making a payment in lieu of notice. The employee can also terminate the contract by giving a notice to the employer.

Notice Period

The employee may only be dismissed after giving a written notice. In the event of an employee’s work ethic being deemed unacceptable, the employee may be dismissed without a notice period.

Incase the contract is silent about the notice period, the following is followed:

Contract Period Notice Period required before employment expires
9 months 0
9 months - 4 years 1.5 months
4 years - 20 years 2 months

Severance Pay

In Greece the severance pay of an employee depends on his term of employment. The severance pay is given even after giving a notice period and is as follows:

Contract Period Severance Pay
9 months 0
9 months - 4 years 1.5 months
4 years - 20 years 2 months

Probation period

Employment agreements without a definite end date have a 12 month probation period.

Insurance 

Providing health insurance in Greece is mandatory. Statutory contributions in such cases works in two parts that include:

  1. Social Security: As of 2021, typical social contributions rates are 36.66%
  1. Employee: 14.12% 
  2. Employer: 22.54%
  1. Healthcare - 3% for sickness and 0.25% for cash benefits (employers), 2.15% for sickness and 0.4% for cash benefits (employees)

These are statutory costs that must be made by the employer and the employee on a monthly basis. The social security and healthcare contributions must be granted on an employee's salary, and must be withheld to be paid by the employer every month.

VAT

The standard VAT rate in Greece is 24%.

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