Labour market trends worsening in Greece, ALBA reports

One in three Greek enterprises plans to downsize its workforce, one in two will not increase wages in the next 12 months and one in five enterprises will cut workers’ wages, a report by ALBA Graduate Business School showed on Wednesday.
The report on labour market trends for the second half of 2011 showed that 63.2 pct of Greek enterprises have been affected dramatically by the current economic crisis, while 6.4 pct were examining the relocation of a part or the whole of the company abroad. A trend for attracting new workers in the sectors of services, pharmaceuticals, construction and manufacturing recorded a rise, while employment trends in the tourism sector recorded a decline as the number of people opting for voluntary retirement was rising.
The labor market trend index remained at low levels for the second half of 2011, but relatively stable compared with the previous six-month period. However, the index remained below the 100 level for the sixth consecutive six-month period.
The report said that from a total 208 enterprises participating in survey, 51.1 pct are Greek and 48.9 pct multinational. The majority of enterprises are private and operate in the Attica region, with18.3 pct coming from the manufacturing sector, 19.7 pct from the services sector and 20.6 pct from commerce.

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