Reports that with the implementation of the Memorandum in 2011, and the Medium-Term Plan, Greece will soon become the “China of Europe” have finally been confirmed.
Under the new legal framework, wages in the private sector from now until the end of 2012, will range from 521 to 900 euros for the vast majority of citizens.
This situation may seem unrealistic but, unfortunately, it reflects the current situation in which employees are required to survive under today’s tough economic conditions.
Within the legal framework, it is possible that from now on, young people, aged from 18 to 25 years, will sign employment contracts with employers in order to get work experience lasting up to 24 months and will be paid 20% less than new recruits, with prior experience in their specialty.
As reported in newspaper ‘Sunday Press’, new recruits on the market today should earn 751 euros gross. But according to the Medium-Term Plan, young people under 25 years will receive 601 euros gross. Subsequently, the net amount will be 521 euros per month.
The situation will be even worse for older workers, whose wages will barely reach 961 euros gross for singles and 1,037 euros gross for married people with 9 years of service.
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