New Economy Package Announced Ahead of Elections in Greece
The Greek administration has taken a comprehensive step covering tax exemptions and salary improvements ahead of next year's elections.
Greek Prime Minister Kyriakos Mitsotakis announced a new $4.06 billion economic package for workers and retirees in order to boost public support ahead of the general elections to be held next year.
Scope and Cost of the Economic Package
Delivering his annual economic speech in the city of Thessaloniki, Prime Minister Kyriakos Mitsotakis stated that the package, which will cost 3.5 billion euros by 2030, corresponds to 1.5 percent of the gross domestic product.
Measures for Retirees, Workers, and Families
Within the scope of the announced measures, an annual bonus payment of 400 euros is envisioned for retirees and 500 euros for civil servants, while annual incomes up to 20,000 euros for farmers and families with three children are exempted from tax.
Tax Cuts for the Business World
Within the framework of the new economic regulations prepared by the center-right government, advance tax payments for freelancers and businesses are being reduced by 50 percent.
Political Background and Voter Support
Although the ruling party maintains its first-place position in the polls, voter support has fallen below 30 percent due to the prolonged cost of living crisis and allegations of corruption.
Future Wage and Employment Targets
Prime Minister Mitsotakis stated that the goal is to raise the minimum monthly wage to 1000 euros by 2028, pull unemployment below 6 percent, and bring the average monthly salary to 1800 euros.