By S. Papapetros
Negotiations over labor sector reforms, as demanded by creditors, are expected to soon commence, all in light of the latest study showing Greek wage-earners as putting in the most work hours but below the average production levels of other EU countries.
In a bid to allay opposition criticism and potential losses of “political capital”, especially by its leftist supporters, the relevant Greek labor minister expressed confidence that upcoming negotiations with institutional creditors will have a “positive ending”.
Lenders, including the IMF, have demanded that Athens proceed with reforms in the labor market and liberalize the framework for unions, industrial actions and layoffs, among others.
According to the latest figures by the Organization of Economic Cooperation and Development (OECD), Greek wage-earners in 2014 held the top spot in Europe (EU and non-EU) in terms of work hours, recording 2,042 on an annual basis, on average.
The average country total was 1,770 hours per year, the OECD reported.
On the global setting, Greek workers held fourth place in terms of total hours worked.
The OECD’s methodology includes full-time employment, part-time, seasonal work and self-employed professionals and craftsmen.
The view, nevertheless, takes an opposite turn when dealing with productiveness per work hour in relation to GDP.
The OECD’s production index shows a Eurozone average of 52.3, with Greece posting a disappointing 33 per hour.
