The International Monetary Fund appears to have set its sights on the minimum wage in Greece, as a recently-published report on youth unemployment in Europe suggests that it has increased!
According to the IMF’s report, the minimum wage as a percentage of the average wage has increased, when in most European countries it remained unchanged. Similar increases were also documented in France, Portugal and Spain.
The IMF experts do not consider this development to be in the right direction, as they believe that the minimum wage of unskilled workers should not be “too close” to that of the average employee.
In Greece the minimum wage is 586 euros, while the average wage is about 1,022 euros per month. As such, the minimum wage constitutes 57% of the average wage paid out in Greece.