Greece Goes Against the Grain: Extending Work Hours Amid Financial Recovery Efforts

In an effort to boost its economy, Greece recently implemented a limited six-day workweek. Starting in July, certain 24-hour industries in Greece may allow employees to opt for working up to 48 hours per week instead of a maximum of 40. Those who surpass the 40-hour threshold will receive an extra 40% in overtime pay.

This shift in Greece reflects the country’s efforts to stimulate economic growth and reposition itself in the global marketplace amidst ongoing challenges stemming from the previous financial crisis. Prime Minister Kyriakos Mitsotakis has labeled this change as “growth-oriented” with the intention of reducing tax evasion stemming from undeclared work. This move contrasts with the direction taken by other economies in Europe and the United States, where discussion has focused on the possibility of adopting a shorter workweek. Senator Bernie Sanders has proposed legislation to define a workweek as 32 hours, and a significant number of American CEOs are reportedly considering implementing new organization-wide work schedule changes, such as a four-day workweek.

Greece’s experiences during the global financial crisis necessitated austerity measures, increased taxes, and financial assistance from organizations such as the International Monetary Fund and the European Central Bank. The move to extend work hours in Greece is seen as an effort to stimulate economic growth and create jobs, while also improving workers’ quality of life by providing them with more time off each week.