Most of the losses in the incomes of private and public sector workers in the years of the two major economic crises, the Memoranda and the pandemic crisis, have been recovered.
According to the data of the study published by the “Free Press”, the general average salary in the economy for all employees gained 17.7% from the losses of the Memoranda, while falling short by 3.3% from the “high” of 2009, that is, before the fiscal adjustment programs began.
Accuracy
But there is the problem of accuracy that has grown in size in the last two years, and it significantly limits the positive changes recorded in the evolution of wages, with the result that workers have covered part of the losses they had from the Memoranda and the pandemic, but at the same time it eats away at their real income due to accuracy.
The conclusion that emerges is that from the year of great prosperity in 2009, just before the country fell into the iceberg of the Memorandum, most workers had a steep drop in income that peaked in 2015, when the third Memorandum was signed with new austerity measures.
Gradual improvement
Incomes start to recover from the end of 2018 and mainly in 2019. As the pandemic crisis spreads, the rise is interrupted in 2020 and incomes remain frozen or with marginal losses. The recovery returns strongly in 2021 and in 2022 the picture has improved significantly, with most of the losses firmly in the past.
The figures show an improvement in the overall level of earnings, but it is nothing to celebrate, considering that it took more than 12 years of severe austerity to get incomes – and not all – back to where they were before the cuts.
Excess
In some occupations, workers are even getting more than they did in 2009. For example, according to the relevant table prepared by “ET” based on the data of the study, the average salaries of public and private sector executives are today (s.b.: 2022 data) 20.7% higher than in 2009. In this category, although cuts were made, they lasted less than others workers, and thus the replenishment of the losses happened more quickly. A similar picture is observed for specialized workers in the agricultural sector (farmers, breeders, fishermen) where a 12.7% increase in wages is observed from the levels of 2009.
Fluctuations and the crash test
According to the study data:
*The average salary (before tax) for all employees in the public and private sector, from 1,054 euros in 2009 (before the crisis), was found to decline to 903 euros in 2013 (first and second Memorandum) and went to 866 euros in 2015 (third Memorandum). The recovery of the losses began gradually and in 2019 the average salary was 886 euros, while in 2022, after the pandemic crisis, the salary reached 1,019 euros. Between 2009 and 2022, the average wage recovered 17.7% of losses from the 2015 low, while falling just 3.3% short of the 2009 high.
*The average salary in the public sector from 1,234 euros in 2009 was found to be declining to 1,066 euros in 2013 and went to 1,053 euros in 2015. In 2019 it was 1,080 euros and in 2022 it reached 1,150 euros. Over 2009-2022, the average public sector wage recovered 9.2% of losses compared to 2015, and is 6.8% short of its 2009 peak.
*The average salary in the private sector fell from 958 euros in 2009 to 809 euros in 2013 and to 771 euros in 2015. In 2019 it recovered to 792 euros and in 2022 it reached 959 euros, i.e. it had returned to the levels before crisis (2009). In the period 2009-2022, the average salary of the private sector fully recovered 25% of the losses it had from Memos and the pandemic and already after the increase in 2023, as well as in 2024, it is moving above the highest level of 2009.
Salaries by occupation in the public and private sectors from 2009 to 2022
| ETH | 2009 | 2013 | 2015 | 2019 | 2022 | Change 2022/2015 (%) | Change 2022/2009 (%) | ||||||||
| Salary by occupation | Public sector | Private sector | Public sector | Private sector | Public sector | Private sector | Public sector | Private sector | Public sector | Private sector | Public sector | Private sector | Public sector | Private sector | |
| Average salary | 1.234 € | 958 € | 1.066 € | 809 € | 1.053 € | 771 € | 1.080 € | 792 € | 1.150 € | 959 € | 9,2 | 24,4 | -6,8 | 0,1 | |
| Executives | 1.560 € | 1.521 € | 1.571 € | 1.530 € | 1.437 € | 1.422 € | 1.482 € | 1.548 € | 1.883 € | 1.834 € | 31,0 | 29,0 | 20,7 | 20,6 | |
| Professionals | 1.334 € | 1.234 € | 1.140 € | 1.050 € | 1.126 € | 944 € | 1.168 € | 1.004 € | 1.205 € | 1.143 € | 7,0 | 21,1 | -9,7 | -7,4 | |
| Technologists, technicians | 1.233 € | 1.099 € | 1.075 € | 1.007 € | 1.062 € | 997 € | 1.091 € | 1.035 € | 1.205 € | 1.079 € | 13,5 | 8,2 | -2,3 | -1,8 | |
| White collar worker | 1.163 € | 958 € | 1.003 € | 830 € | 999 € | 815 € | 998 € | 788 € | 1.081 € | 913 € | 8,2 | 12,0 | -7,1 | -4,7 | |
| Services | 1.152 € | 835 € | 967 € | 689 € | 994 € | 669 € | 1.012 € | 662 € | 1.023 € | 816 € | 2,9 | 22,0 | -11,2 | -2,3 | |
| Skilled farmers | 981 € | 802 € | 701 € | 613 € | 761 € | 607 € | 711 € | 668 € | 959 € | 904 € | 26,0 | 48,9 | -2,2 | 12,7 | |
| Skilled craftsmen | 1.232 € | 963 € | 1.119 € | 754 € | 1.027 € | 741 € | 1.056 € | 770 € | 1.086 € | 962 € | 5,7 | 29,8 | -11,9 | -0,1 | |
| Machinery Operators | 1.227 € | 1.024 € | 1.027 € | 876 € | 1.009 € | 845 € | 1.044 € | 810 € | 1.104 € | 972 € | 9,4 | 15,0 | -10,0 | -5,1 | |
| Unskilled | 904 € | 751 € | 680 € | 564 € | 725 € | 594 € | 716 € | 633 € | 774 € | 765 € | 6,8 | 28,8 | -14,4 | 1,9 | |
| General average salary | 1.054 € | 903 € | 866 € | 886 € | 1.019 € | 17,7 | -3,3 | ||||||||
Source: EL.STAT.
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