Dreaming of sun-soaked beaches, ancient ruins, and a relaxed Mediterranean lifestyle? Greece might be calling your name. But before you pack your bags, let's talk about the practical side of things: jobs and salaries in Greece.
How much can you expect to earn in Greece, and what will your take-home pay look like after taxes?
Greece's job market has something for everyone, from tech-savvy digital nomads to seasoned professionals in various industries. Whether you're drawn by the vibrant cities or the tranquil islands, this guide will give you a clear picture of salaries, taxes, and the cost of living in Greece.
In this article, we’ll go through everything you need to know to get a solid idea of what
jobs in Greece are like in terms of wages and taxation. The information presented is accurate as of May 24th, 2024. Wages and taxation in Greece are, of course, subject to change.
Key takeaways:
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Average Salary and Cost of Living: The average salary in Greece is around €1,000-€1,500 per month, but the lower cost of living can make your money go further compared to other European countries.
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Industry and Experience Matter: Your salary in Greece will vary significantly depending on your industry, experience, location, company size, and specific skills.
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Minimum Wage and Benefits: The minimum monthly wage is €706 for those over 25, and most employees receive 14 paychecks per year (including a 13th and 14th salary bonus).
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Tax System: Greece has a progressive income tax system with rates ranging from 9% to 44%, but various deductions and allowances can lower your tax burden.
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High-Paying Jobs: Opportunities for higher salaries exist in fields like medicine, engineering, IT, finance, and management, especially for skilled professionals with experience.
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How Much Is The Average Job Salary In Greece?
According to
Greece in Figures, the average salary in Greece is about 17,707 EUR per year after tax - that’s around 1,000 to 1,500 EUR per month.
Greece is still on the path to economic recovery, which means salaries here tend to be lower compared to other parts of Europe. However, the lower cost of living in Greece can help offset this, offering workers a good quality of life even on an average salary.
This figure is just an average, of course. It includes both employed and non-employed individuals and is estimated as the country’s overall average. What’s more, actual salaries depend on several factors.
What Factors Do Greece Job Salaries Depend On?
Here’s a few of the factors that can make or break your salary in Greece:
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Industry: Some sectors pay better than others. IT, finance, and pharmaceuticals tend to offer higher salaries, while tourism and hospitality might be on the lower end.
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Experience: As you gain experience and expertise, your earning potential naturally increases.
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Location: Salaries can be higher in major cities like Athens and Thessaloniki compared to smaller towns or islands.
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Company Size: Larger companies often have more resources and may offer more competitive compensation packages.
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Skills and Qualifications: Specialized skills and advanced degrees can significantly boost your earning power.
As you can see, knowing what to expect from your job in Greece isn’t exactly cut-and-dry. To make sure you have a solid understanding, you should also learn about labor laws and employee rights in Greece .
Minimum Wage and Working Hours in Greece
If you’re considering working in Greece, it's important to understand your rights and the basic terms of employment.
Let's start with the minimum wage:
If you're 25 or older, you're entitled to earn at least about €706 per month (after tax). Younger workers have a slightly lower minimum wage, depending on their age. It's worth noting that this is the absolute minimum, and many jobs, especially those requiring specialized skills or experience, will pay more.
The typical workweek in Greece is 40 hours, spread across five days. This means you can expect to have your weekends free to explore the country's stunning landscapes and historical sites.
Overtime work is regulated by law, and you're entitled to a premium if you put in extra hours. Typically, overtime is paid at 120% of your regular hourly wage, so it can be a nice way to boost your income if you're up for it.
Now for a perk that might surprise you:
Most employees in Greece receive not just 12, but 14 paychecks a year! This is because of the 13th and 14th salary, which are essentially extra bonuses paid around Christmas and Easter. These additional payments are a welcome tradition that can help you plan for holiday expenses or simply give your savings a boost.
Keep in mind that these are just the basic regulations. Individual employment contracts may offer additional benefits or stipulate different terms, so always review your contract carefully.
Taxation in Greece: What You Need to Know
Taxes are no one's favorite topic. Although the figures mentioned above are after-tax, it's essential to understand how taxation works in Greece so you can plan your finances effectively.
Income tax
Greece operates on a progressive income tax system, which means your tax rate increases as your income does. The tax rates for 2024 range from 9% for the lowest income bracket to 44% for the highest. However, it's important to remember that your taxable income isn't simply your gross salary. Various deductions and allowances can lower your taxable amount, potentially placing you in a lower tax bracket.
For instance, if you have children, you may be eligible for tax credits. Additionally, certain expenses related to your work or healthcare might be deductible. Exploring these deductions and seeking professional tax advice can be a smart move for maximizing your income.
Social security contributions
In addition to income tax, both you and your employer will contribute to social security. These contributions fund essential social programs like pensions, healthcare, and unemployment benefits. While it might seem like a deduction from your paycheck, it's an investment in your future and well-being.
Other Taxes to Consider
While income tax and social security contributions are the main taxes you'll encounter, there are a few others to be aware of:
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Value-Added Tax (VAT): This is a tax added to most goods and services. The standard VAT rate in Greece is currently 24%, though some items like food and medicine have reduced rates.
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Property Tax: If you own property in Greece, you'll be subject to an annual property tax.
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Road Tax: If you own a car, you'll need to pay an annual road tax.
Double Taxation Treaties
If you're worried about being taxed twice on the same income, both in Greece and your home country, double taxation treaties can provide a solution. These agreements between countries determine how income is taxed to avoid double taxation. If your home country has a treaty with Greece, you might be able to claim tax credits or exemptions, depending on the specific terms of the treaty.
What Is the Cost of Living in Greece?
According to Numbeo, rent for a one-bedroom apartment in Athens can range from €350 to €800 per month, depending on the location and size. Food, transportation, and entertainment are also relatively affordable. Of course, your expenses will vary depending on your lifestyle and spending habits.
What Are Some High-Paying Jobs in Greece?
While the average salary in Greece might not be the highest in Europe, there are certain fields where skilled professionals can command impressive incomes. If you're an expat with specialized expertise, these industries might offer lucrative opportunities:
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Medicine: As in many countries, medical professionals like doctors, surgeons, and specialists are among the top earners in Greece. Your expertise and experience in this field could translate to a comfortable lifestyle and financial security.
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Engineering: Greece's growing tech sector and infrastructure projects have created a demand for skilled engineers in various disciplines. Whether you're in software development, civil engineering, or another engineering field, your skills could be highly valued.
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Information Technology (IT): The IT sector is booming in Greece, with numerous startups and established companies seeking talented professionals. Software developers, data scientists, and cybersecurity experts are in particularly high demand.
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Finance: Greece's financial sector offers opportunities for financial analysts, investment bankers, and other finance professionals to earn competitive salaries. If you have a strong background in finance and a good understanding of the Greek market, this could be a lucrative path for you.
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Management: Experienced managers and executives, especially those with international experience and multilingual skills, are often sought after by multinational companies operating in Greece. These roles typically come with generous compensation packages.
These are just a few examples of high-paying jobs in Greece. Your specific field might also offer excellent earning potential, depending on the demand for your skills and your level of experience.
Again, it's worth noting that salaries within each industry can vary significantly based on factors like experience, qualifications, company size, and location. However, if you're an expat with specialized expertise, pursuing a career in one of these high-demand fields could lead to a rewarding and financially secure life in Greece.
The Bottom Line
Greece offers a unique blend of history, culture, and natural beauty, making it an attractive destination for expats. While salaries might be lower than in some other European countries, the lower cost of living and relaxed lifestyle can compensate for that.
If you're dreaming of a life in Greece, don't let finances hold you back. With careful planning and realistic expectations, you can find a fulfilling job and enjoy everything this beautiful country has to offer.
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