Greece has recently introduced a limited six-day workweek as part of an effort to boost its economy after facing a sovereign debt crisis in the wake of the global financial crisis in 2007-2008. Under this new policy, some 24-hour industries may allow employees to choose to work up to 48 hours per week instead of a maximum of 40, with workers receiving an extra 40% in overtime pay if they exceed the 40-hour threshold. This change is being hailed as “growth-oriented” by Greek Prime Minister Kyriakos Mitsotakis, who hopes it will reduce tax evasion resulting from undeclared work.
However, the move by Greece to extend the workweek goes against trends in some other economies, such as Europe and the United States, which are considering shorter workweeks. Vermont Sen. Bernie Sanders proposed legislation this year to define a workweek as 32 hours under the Fair Labor Standards Act. Additionally, in a recent survey of American CEOs, 30% said they were exploring new work schedule shifts like a four-day or 4.5-day workweek.
The six-day workweek in Greece is just one aspect of efforts being made to stimulate economic growth and reduce tax evasion following the country’s financial struggles over the past decade. It remains to be seen how this change will impact the Greek economy and if other countries will follow suit in adjusting their work schedules.
