Seven out of ten employers will cut wages

Seven out of ten employers are getting ready either to reduce or freeze the monthly wages of their workers within the next months. This comes as an answer to the staggering financial meltdown Greece is undergoing, while one out of three will proceed with redundancies.

The aforementioned data was published earlier on Tuesday, as a result of a relevant survey regarding 2,000 businesses in the country, conducted by the Foundation for Economic and Industrial Research. The businesses in question are employing more than 317,000 workers and produce around 68 billion euros in profit, meaning about 1.3% of the Greek GDP.

What these big bosses will use as their wild card to defend their backyards from financial upheavals are bonus cuts, price reductions and new rules concerning working hours. Of the ones who participated in the research, 28% gave a positive reply as far as sacking people is concerned.

The survey was conducted across Greece and one of the most important negative factors affecting businesses was the lack of market liquidity and the minimal number of loans given to them by banks.

Those businesses which expect an improvement are the ones that export goods abroad. These are also expecting their incomes to rise in 2012, compared with the money they made in 2010 and 2011.

Due to the bad omens and the present stiffness, overall the the percentage og Greek businesses which are said to make investments in 2012 has taken a deep dive and reaches only the low percentage of 40% of the total of local commercial firms.