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

Konstantinos Spinthiropoulos, Efthymia Tsiatsiou, Alexandros Garefalakis, Georgios Chaitidis, Eirini Stavropoulou
International Journal of Finance, Insurance and Risk Management, Volume 11, Issue 4, 104-119, 2021
DOI: 10.35808/ijfirm/272


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.

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