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Memoranda in Greece and their Impact on Public Employees’ Earnings: Payroll Data from a Greek Public University

Author

Listed:
  • Konstantinos Spinthiropoulos
  • Efthymia Tsiatsiou
  • Alexandros Garefalakis
  • Georgios Chaitidis
  • Eirini Stavropoulou

Abstract

Purpose: The aim of this article is to present a case series reviewing the reforms that have affected the public employees' incomes during the Greek financial crisis. Design/Methodology/Approach: First, we conducted a literature review in Scopus. We also searched primary sources, such as Government Newspapers, Bank of Greece Governor Reports, Enhanced Surveillance Reports, Economic and Financial Affairs, European Union, Eurostat, ELSTAT (Greek Statistical Authority), books, financial journals, and Publications. We performed our search using the word “Memoranda”. Findings: We found that “Memoranda” had a significant impact on the employees' income, who worked in the educational sector, in fact at Greek Public Universities. Eventually, it is observed that the more significant changes in payments took place in 2012 when the most vulnerable educational categories of the employees with the less academic qualifications, as well as the unskilled staff, were affected the most. Although the ''cruel'' decade of the financial crisis in Greece is over, many problems remain. Practical Implications: This study was conducted using a sample method, the random selection of the employees in a Greek Public University, whose characteristics are their degree from a university institution, technological institution, high school, and primary school. Originality/Value: Through that random selection of University's employees, the salary data of these officials paid through the single payroll based on specific income policies implemented during the financial crisis were presented.

Suggested Citation

  • Konstantinos Spinthiropoulos & Efthymia Tsiatsiou & Alexandros Garefalakis & Georgios Chaitidis & Eirini Stavropoulou, 2021. "Memoranda in Greece and their Impact on Public Employees’ Earnings: Payroll Data from a Greek Public University," International Journal of Finance, Insurance and Risk Management, International Journal of Finance, Insurance and Risk Management, vol. 11(4), pages 104-119.
  • Handle: RePEc:ers:ijfirm:v:11:y:2021:i:4:p:104-119
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    References listed on IDEAS

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    1. Adam, Antonis, 2020. "Under economic adjustment programs, do private sector wages respond to changes in public wages and employment?," Journal of Policy Modeling, Elsevier, vol. 42(6), pages 1334-1351.
    2. Anna Visvizi, 2012. "The crisis in Greece and the EU-IMF rescue package: Determinants and pitfalls," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 62(1), pages 15-39, March.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Governance; Financial Crisis; Public Sector; Payroll taxes; Memoranda; VAT.;
    All these keywords.

    JEL classification:

    • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements

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