ILO Finds Real Wages in Greece Fell by 3.5% in 2017



According to a study published by the International Labor Organization (ILO), real wages in Greece fell by 3.5 percent in 2017, the biggest decline recorded since 2013.

This figure is the highest among the EU member states, with only Azerbaijan and Turkmenistan, which are outside of the EU, recording higher percentages of decline in wages.

Surprisingly, inside the European Union, the study found that Spain, Italy, Belgium, the Netherlands and the UK all had lower real wages compared to 2016.

In the eleven years between 2008 and 2017, real wages in Greece declined at a rate of 3.1 per cent every year, the study found.

The gender pay gap in Germany was significantly lower there compared to the rest of the EU. In Greece, women’s pay remains 12.5 per cent lower than that of men.

The ILO also noted that there is a global tendency toward a lower percentage of increase in wages in the developed world, with these countries seeing only nine percent higher wages in the last 20 years.

Still, during the same period of time, the developing countries recorded an increase that exceeded an astounding 300 percent.