Greece Extends Work Week to Boost Economy: Is this the Future of Work?

Prime Minister Kyriakos Mitsotakis has announced that Greece will implement a limited six-day workweek in an effort to boost its economy. 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 comes after Greece’s experiences during the global financial crisis, which required austerity measures, increased taxes, and financial assistance from organizations such as the International Monetary Fund and the European Central Bank. In contrast to other economies in Europe and the United States, where discussion has focused on adopting a shorter workweek, Greece is extending work hours. Senator Bernie Sanders has proposed legislation to define a workweek as 32 hours, and a significant number of American CEOs are considering implementing new organization-wide work schedule changes, such as a four-day workweek.

The move reflects Greece’s efforts to stimulate economic growth and reposition itself in the global marketplace amidst ongoing challenges stemming from the previous financial crisis. The government aims to reduce tax evasion stemming from undeclared work by allowing employees to work longer hours while still receiving overtime pay. This shift is expected to have a positive impact on the country’s economy and improve its competitiveness in the global marketplace.