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July 15, 2010 turned out to be a big day for the Greek society as the national collective agreement was formally signed. After strikes, protests and loudly threats trade unionists and employers shook hands and agreed on the general framework of labor relations in the private sector for the next three years. The agreement will be valid for the duration of the Memorandum for financial aid between Greece and the International Monetary Fund, the European Commission and European Central Bank, also known as rescue Triple.

One of the main points in the collective agreement was connected with the retention of the 13^th and 14^th salary in the private sector. The proposal for merging the two bonuses in the  twelve salaries was rejected. So, the 13^th salary for Easter holidays and the 14^th salary for Christmas remain. Public representatives have agreed not to increase the salaries in the private sector on  annual base this year. The monthly income of employees is expected to be raised by 1.5% in 2011 and by 1.7% in 2012. Employers and unions agreed the salary increase to be close to the average expected value of inflation in Europe, although inflation in the country today is almost 6%, according to official data.  Increases will take effect on the first day of July each year.

The main characters on this stage were the Hellenic Federation of Enterprises with Chairman Dimitris Daskalopoulos representing the employers, Vassilis Korkidis as a representative of the Chamber of Commerce and Dimitris Assimakopoulos – President of the Hellenic Confederation of Professionals and Merchants. The General Confederation of Greek Workers (GSEE) led by Giannis Panagopoulos, who fights for the rights of employees in the country, represented the trade unions.

“The national framework contract for the amount of salaries is an achievement of a democratic society and despite the difficult economic conditions we have to continue to keep those rights,” said the President of the Hellenic Chamber of Commerce Vassilis Korkidis in an open letter to the mass media. According to the Chairmen of the Hellenic Federation of Enterprises, Dimitris Daskalopoulos, signing the contract is the goodwill of the private sector to ensure financial stability of employees in Greece.