2023-09-22 18:52:45
He Greek parliament approved this Friday a new labor law promoted by the conservative government that allows companies to impose a sixth workday and vary employee schedules to adapt them to production needs. The right-wing reform was supported by the 158 deputies, out of a total of 300, available after the elections last June, the conservative New Democracy, of the prime minister Kyriakos Mitsotakiswhile all opposition parties voted against, from the extreme right to the radical left.
During an intervention in Parliament prior to the vote, the Minister of Labor, Adonis Georgiadis, defended his bill and assured that “it neither eliminates the eight-hour day nor the five-day (week).” The Government argues that the law makes the schedule more flexible to reduce work and undeclared overtime and thus protects workers.
The reform allows workers to voluntarily have a second job, of a maximum of five hours a day, together with their main activity of eight hours a day. In addition, it establishes that companies in various sectors can impose a sixth working day for which workers will receive an additional 40% on the daily salary.
‘Anti-European’ reform
The reform undertaken goes against the current trends that promote the improvement of productivity understood by the improvement of processes and the improvement of the quality of production and services, and not by means of lowering labor costs or the increase in working hours. In fact, studies on productivity recommend reducing working hours and improving working conditions (including family conciliation) as a way to improve the productivity and profitability of companies.
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Although the Greek reform establishes that the increase in working hours can happen “in exceptional conditions”, both unions and the opposition argue that in practice the law will make six working days per week common, also taking into account “almost non-existent” labor inspections. Likewise, the reform introduces contracts for “on-call employees” who will practically not have a fixed schedule but will work when their employer requires it, as long as they are notified at least 24 hours in advance. The Greek reform moves away from the European model of labor relations.
Approval of the markets
The measure comes at a time when international markets are rewarding Greek economic reforms. Moody’s has just raised Greece’s rating two notches in one fell swoop, placing it at Ba1, one step away from promotion to investment grade. The rise reflects Moody’s view that the Greek economy, its public finances, its institutions and the banking system are undergoing a profound structural change that will support its credit and its resilience in the face of future crises. DBRS has also placed Greece’s debt at investment grade. S&P and Fitch are also working on modifying their valuations. All this will facilitate the purchase of Greek bonds for investors who only resort to low-risk issues. The Greek bond pays around 4%, compared to the 17.6% that investors were asking for in 2015.
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