An advanced and high-income economy
Alongside boasting beautiful coastlines and unique architecture, Greece provides many opportunities for businesses wanting to enter a new market. The country is classified as an advanced and high-income economy. It is a developed country with a high ranking in the human development index. This makes it an ideal place for growing businesses.
The country offers businesses high-quality logistics and communication infrastructure, alongside a highly educated and skilled workforce. With an established, strong entrepreneurial tradition, paired with a low cost of labour, the country is a suitable business environment. There is also a fast-tracking licensing and approval process, alongside tax incentives in specific investment sectors and wage cost subsidy incentives.
Greece’s location means easy access to South-East Europe and the countries surrounded with the Black Sea. Booming sectors in the country include renewable energy, information and communication technologies and travel and tourism.
Working in Greece
Working Hours
In Greece, the normal working week is 40 hours on average.
Greek law recognises two types of overtime work: overwork and overtime. Working hours which fall between 41 and 45 hours a week is classified as overwork. Overwork compensation generally equals the hourly wage plus 20%.
Overtime is classed as any work exceeding 9 hours a day/45 hours a wee. Legal overtime can reach 3 hours a day and a maximum of 150 hours per year. Overtime wages generally equal the hourly wage plus 40%.
Leaves / Public Holidays
Employees in Greece are entitled to sick pay from their employer for any short-term sickness. The details of this are as follows:
- First 3 days of sickness - 50% of salary covered by the employer
- Day 4 until 13 of sickness (first year of employment) - Social security system and employer both contribute towards reimbursing the employee
- Day 4 until day 25 of sickness (any year thereafter) - Social security system and employer both contribute towards reimbursing the employee
Employees in Greece also receive the following leaves:
- Marriage Leave - 5 days
- Child Birth Leave - 14 days
- Maternity Leave - 17 weeks off (8 weeks prior to delivery, 9 weeks after)
- Funeral Leave (for immediate family) - 2 days
As a minimum, employees in Greece are entitled to 20 days of annual paid leave. This allowance generally increases with every year of completed service (up to a minimum of 22 days).
The allowance increases to a minimum of 25 days leave after 10 years of continuous service with the same employer. While on leave, employees will receive full pay from their employer.
Greece observes a variety of public holidays, these include:
- New Year's Day
- Epiphany
- Clean Monday
- Independence Day
- Orthodox Holy Friday
- Orthodox Easter Monday
- Labour Day
- Holy Spirit Monday
- Assumption Day
- Christmas Day
- The day after Christmas Day
Cultural Information
Religion is an important aspect of Greek culture. The primary religion of Greece is Orthodox Christian, which makes up around 90% of the population. Outside of this group, Jewish, Muslim, and Catholic groups can be found throughout the nation.
Greek is the official language of Greece.
Impacts from COVID-19
The COVID-19 pandemic has generated a significant rise in the share of employees working from home, as the government and business put in place social distancing and isolation measures.
Remote work/telework has been used by the vast majority of companies and constitutes the most common countermeasure. Companies that shifted to telework have done so to the maximum possible extent - that is for all employees who perform tasks compatible with telework and for all or most of their working time.
The COVID-19 pandemic has opened a window of opportunity to expand the use of remote work/telework, which had been relatively low previously.
The Greek Economy - Did you know?
- Greece is made up of thousands of small islands and around 80% of it mountainous.
- Greek is one of the oldest spoken languages in Europe and it has been spoken for over 3,000 years
- History is a huge part of Greece's culture, and the country is home to 18 UNESCO World Heritage Sites
- Much of what we know today can be attributed to Greek history, including democracy and The Olympic Games!
Greece PEO services
An advanced and high-income economy
Alongside boasting beautiful coastlines and unique architecture, Greece provides many opportunities for businesses wanting to enter a new market. The country is classified as an advanced and high-income economy. It is a developed country with a high ranking in the human development index. This makes it an ideal place for growing businesses.
The country offers businesses high-quality logistics and communication infrastructure, alongside a highly educated and skilled workforce. With an established, strong entrepreneurial tradition, paired with a low cost of labour, the country is a suitable business environment. There is also a fast-tracking licensing and approval process, alongside tax incentives in specific investment sectors and wage cost subsidy incentives.
Greece’s location means easy access to South-East Europe and the countries surrounded with the Black Sea. Booming sectors in the country include renewable energy, information and communication technologies and travel and tourism.
Working in Greece
Working Hours
In Greece, the normal working week is 40 hours on average.
Greek law recognises two types of overtime work: overwork and overtime. Working hours which fall between 41 and 45 hours a week is classified as overwork. Overwork compensation generally equals the hourly wage plus 20%.
Overtime is classed as any work exceeding 9 hours a day/45 hours a wee. Legal overtime can reach 3 hours a day and a maximum of 150 hours per year. Overtime wages generally equal the hourly wage plus 40%.
Leaves / Public Holidays
Employees in Greece are entitled to sick pay from their employer for any short-term sickness. The details of this are as follows:
- First 3 days of sickness - 50% of salary covered by the employer
- Day 4 until 13 of sickness (first year of employment) - Social security system and employer both contribute towards reimbursing the employee
- Day 4 until day 25 of sickness (any year thereafter) - Social security system and employer both contribute towards reimbursing the employee
Employees in Greece also receive the following leaves:
- Marriage Leave - 5 days
- Child Birth Leave - 14 days
- Maternity Leave - 17 weeks off (8 weeks prior to delivery, 9 weeks after)
- Funeral Leave (for immediate family) - 2 days
As a minimum, employees in Greece are entitled to 20 days of annual paid leave. This allowance generally increases with every year of completed service (up to a minimum of 22 days).
The allowance increases to a minimum of 25 days leave after 10 years of continuous service with the same employer. While on leave, employees will receive full pay from their employer.
Greece observes a variety of public holidays, these include:
- New Year's Day
- Epiphany
- Clean Monday
- Independence Day
- Orthodox Holy Friday
- Orthodox Easter Monday
- Labour Day
- Holy Spirit Monday
- Assumption Day
- Christmas Day
- The day after Christmas Day
Cultural Information
Religion is an important aspect of Greek culture. The primary religion of Greece is Orthodox Christian, which makes up around 90% of the population. Outside of this group, Jewish, Muslim, and Catholic groups can be found throughout the nation.
Greek is the official language of Greece.
Impacts from COVID-19
The COVID-19 pandemic has generated a significant rise in the share of employees working from home, as the government and business put in place social distancing and isolation measures.
Remote work/telework has been used by the vast majority of companies and constitutes the most common countermeasure. Companies that shifted to telework have done so to the maximum possible extent - that is for all employees who perform tasks compatible with telework and for all or most of their working time.
The COVID-19 pandemic has opened a window of opportunity to expand the use of remote work/telework, which had been relatively low previously.
The Greek Market - Did you know?
- Greece is made up of thousands of small islands and around 80% of it mountainous.
- Greek is one of the oldest spoken languages in Europe and it has been spoken for over 3,000 years
- History is a huge part of Greece's culture, and the country is home to 18 UNESCO World Heritage Sites
- Much of what we know today can be attributed to Greek history, including democracy and The Olympic Games!
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