Overview

Capital Athens

Currency Euro

Date Format dd/mm/yyyy (ad)

Taxes

Employer 13.33% - Pension Fund
4.55% - Health Care
25.06% - Social Security

Employee 6.67% - Pension Fund
2.55% - Health Care
16.00% - Social Security
22.00% - 0 - 20,0000
29.00% - 20,000 - 30,000
37.00% - 30,000 - 40,000
45.00% - Over 40,000

Termination

Termination Process Employers are expected to provide notice in accordance with the length of employment: * 2 months - 1 year: 1 months notice * 1-4 years: 2 months notice * 4-6 years: 3 months notice * 6-8 years: 4 months notice * 8-10 years: 5 months notice * From the 10th year, each year a month is added until reaching 28 years (24 months). ** Payment may be provided in lieu of notice.

Advance Notice No official advance notice requirements.

Severance Pay Employees are entitled to severance payments if they did not receive notice in accordance to their length of employment. * 2 months - 1 year: 1 months pay * 1-4 years: 2 months pay * 4-6 years: 3 months pay * 6-8 years: 4 months pay * 8-10 years: 5 months pay * From the 10th year, each year a month is added until reaching 28 years (24 months).

Mandatory Benefits

Pension Fund Employees contribute 6.67% of their salaries (with ceiling of 5,543.55 EUR), and employers contribute 13.33% of workers wages.

Social Security Employers contribute 25.06% of workers wages, and employees contribute 16% of their wages. * Both employer and employees contributions are set to be reduced to 15.75% in June of 2019.

Additional Pay Easter Bonus: 1/2 months salary bonus paid in March/April. Vacation Bonus: 1/2 months salary paid in July for vacation period. Christmas Gift: One months salary bonus paid in December.

Minimum Wage

General Minimum wage is 683 EUR ($800.95). However, it is set to be raised in for the first time since 2009, on 1 January 2019.

Payroll

General Salaries are paid monthly. Paydays are at the end of each working month. Christmas and Easter bonus of a half-month's salary are mandatory.

Working Hours

General Full Time employment is considered 40 hours weekly, and 8 hours daily. * Agreements may be made for longer hours for period of up to 4 months. Per agreements, 2 additional hours may be added per day.

Overtime Any small excess over 8 hours in a day is called ""overwork"". These hours (41-45 weekly) paid at 120%. Exceeding overwork hours is only in extraordinary situations. These hours (over 45 or 48) are considered overtime and paid at 140%. This pay Is for 1-120 overtime hours annually. Any hours exceeding this will be paid at 160%.

VAT

General 24% standard rate.