Agreement concerning the update of the Guaranteed Monthly Minimum Wage (GMMW), competitiveness and employment promotion
The Government and the Social Partners reached the Agreement concerning the update of the Guaranteed Monthly Minimum Wage (GMMW), competitiveness and employment promotion, under which the Government has pledged to change the current legislation in order to increase the GMMW to 505 starting October 1st 2014, which will hold until December 2015 and to institute a measure that will encourage job creation, by decreasing the Single Social Tax by 0.75 pp, for a period of 15 months.