The president of employer union ESEE Vasilis Korkidis has officially proposed wages cuts up to 13% for a new collective labor agreement, warning that individual contracts could see wages reduced by up to 32% in stead.

While the employer union will come to its decision at a scheduled ESEE governing council meeting on the 7th of September, Mr. Korkidis was blunt in his words and warned that individual contracts will entail far greater cuts.

According to Mr. Korkidis the basic wage would be reduced to 751 euros (plus benefits) for full time work and 511 euros for part time work. These wages are still higher than the national minimum wage, which was reduced by 22% to 586 euros in May 2013.