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Over the past year the income of three out of four workers in Greece (75%) has decreased, as shown by a survey conducted by the Centre for Economic and Social Development of the Institute of Labour of the General Confederation of Greek Workers.

The survey that was carried out in cooperation with ALCO company reports a significant decrease in the income of workers aged between 45 and 54 years, and of those whose income was in the range of 1,501 euro and 2,000 euro, whereas the income reduction in 82% of the cases was due to a salary reduction.

It is a disturbing fact that, despite the trend towards stabilization during the fourth quarter, one of three workers declared an income decrease during this period, the majority of them again being aged between 45 and 54 years, women, residents of Attica, people with low education and an income amounting to 800 euro per month.

At the same time, four out of ten respondents fear a further decline in income over the next quarter, which is leading to a decrease in the purchasing power of workers.

Reduced spending even on food
 
The decreased income of workers, of course, leads to a decrease in their spending. It is significant that 33% of them reduced their spending even on food, 24% reduced their spending on education, 30% on fuel, 43% on soft drinks.

Simultaneously, 67% of workers reduced their spending on trips and accessories, 65% on clothing and footwear, 63% on furniture and household goods.

In addition, 59% of respondents reduced their spending on entertainment, 57% on cosmetics, 55% on chocolates and snacks, 53% on toys and 48% on alcoholic beverages (beer, wine, ouzo).

The same study shows that, in the last quarter, one in every two workers was forced to resort to their savings in the bank to cover basic needs whereas 22% were forced to obtain a loan. It is worth noting that the reduced spending was greater in workers with low education, in those receiving an income of between 800 euro and 1,001 euro, in the 35-44 age group, and in those working in the private sector.

Only 38% of respondents will go on holiday

Naturally the reduced income of workers affects their ability to go on holiday, and only 38% said they would do so this year.

In one year, 22% of workers have become unable to go on holiday in the summer. The stay of about 24% of those who will go on holiday will be shorter and of 59% the same as last summer. More than half of those who will go on vacation will stay at their own house or at their relatives’. Only 18% of workers can afford to pay for their stay during the summer holidays, the majority of them preferring the cheapest options (rented rooms or camping sites).