There will be reductions to wages for all Greek employees whether in the private or public sector and regardless of the amount they are getting paid. The reduction is part of a deal between the government and international creditors so as to avert further pension cuts and will come via a 1% increase to social security contributions.

A small increase already took place last year. For a wage-earner who receives 700 euros per month, it will mean 80 euros a year, whreas someone who earns 1,000 euros will pay 120 euros an 180 euros less for those with salaries over 1,500 euros per annum.