Despite signs of economic recovery and improving wages, Greece ranks as one of the poorest countries in Europe, with alarming rates of working poverty. According to data from Eurostat, 10.7% of Greek workers are at risk of poverty, making it the fifth highest in the EU, just behind countries like Luxembourg and Bulgaria. This situation is particularly dire among male workers, where approximately 13% are at risk.
The report underscores a profound contradiction between economic indicators and the daily lives of workers. While Greece has seen disposable income levels dropping by 25.8% from 2010 to 2024—significantly more than the overall EU average of a 20.4% increase—average wages appear to have risen. Yet, they do not keep pace with the soaring costs of living, causing purchasing power to decline.
This persistent issue leaves many Greeks feeling trapped in a cycle of poverty despite their employment. The working poor face severe material deprivation, with 29.3% of workers unable to afford basic weekly expenses, which is the highest ratio in the EU. The recent improvements in wages are overshadowed by the fact that real wages fell by about 10% from 2021 to 2023 due to inflation.
The combination of stagnant economic growth for the broader populace and rising living costs means that many families struggle to make ends meet. It highlights that employment does not guarantee economic security in Greece, further emphasizing the need for strong labor and social policies to address these inequalities.
Published by Banx Network. This article is part of the Banx decentralized media programme, powered by the BXE token on the XRP Ledger.
