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Contents
- 1 The New Competitive Edge for Companies in Greece
- 2 What are Employee Benefits?
- 3 What are the Top Employee Benefits offered in Greece?
- 4 Why companies in Greece offer employee benefits?
- 5 Top Employee Benefits Providers in Greece
- 6 Cost of Employee Benefits Program in Greece
- 7 Ready to Transform Your Workplace? Let’s Talk
The New Competitive Edge for Companies in Greece
According to a 2023 report by MetLife, 72% of employees in Europe say that benefits are a key reason they stay with their employer, and 55% would even take a job with lower pay if it came with better benefits. This shift is clear in Greece too, where more workers are looking beyond salary when choosing where to work.
Today, businesses in Greece are seeing a big change. It’s no longer just about offering the highest paycheck. The companies winning the talent war are those offering strong employee benefits—like health insurance, flexible working hours, mental health support, and family leave.
In this blog, we’ll explore how employee benefits in Greece are becoming a must-have for companies that want to attract and keep the best people.
What are Employee Benefits?
Employee benefits are compensation packages offered by employers to their employees. The most common type of employee benefit is health insurance, but there are other types of benefits as well, such as dental and vision insurance, life insurance, long-term disability insurance, and retirement plans. Some employers also offer child care benefits, tuition reimbursement, and gym memberships. Employees typically have to pay for some or all of these benefits, but they are still often considered to be a valuable part of the compensation package.
What are the Top Employee Benefits offered in Greece?
In Greece, employees enjoy a combination of mandatory benefits required by law and extra perks that some employers offer to make the workplace more attractive. Here’s a breakdown of both:
Mandatory Employee Benefits in Greece
These benefits are required by Greek labor law and apply to all employees:
1. Social Security Contributions (EFKA)
Employees and employers both contribute to Greece’s national social insurance system, called EFKA. It covers healthcare, pensions, unemployment support, and more.
Employer contribution: ~22-25% of salary
Employee contribution: ~15-16%
2. Healthcare Coverage
All employees have access to public healthcare benefits through EFKA. This includes medical care, hospital visits, and medicine for both employees and their dependents.
3. Paid Annual Leave
Employees are entitled to at least:
20 working days of paid vacation (for a 5-day workweek)
24 working days (for a 6-day workweek)
The number of days increases based on years of service.
4. Public Holidays
Greece has 12 national public holidays. Employees get these days off with full pay.
5. Maternity and Paternity Leave
Maternity leave: 17 weeks (8 before and 9 after childbirth), partially paid by social insurance.
Paternity leave: 14 paid days for new fathers.
6. Parental Leave
Parents can also take extra unpaid leave to care for children. Some of this leave may be partially subsidized depending on the situation.
7. Sick Leave
Employees receive sick leave with partial pay. During the first few days, the employer pays, and then social insurance takes over.
8. Unemployment Benefits
If someone loses their job, they may receive monthly unemployment compensation through the Greek OAED agency, depending on their work history and contributions.
9. Retirement and Pensions
Greek employees are part of a state pension plan through EFKA, which includes a basic pension and an earnings-related pension. Contributions are deducted automatically from salaries.
10. 13th and 14th Month Salaries
Employees usually receive extra salary payments:
One full month’s bonus in December (Christmas bonus)
Half a month’s bonus at Easter
Half a month’s bonus in the summer
Additional Employee Benefits in Greece
These are not required by law but are commonly offered by employers to attract and retain top talent:
1. Private Health Insurance
Some companies offer private medical insurance for quicker access to doctors and better-quality care, often covering family members too.
2. Meal Vouchers and Food Allowances
Employers may give meal vouchers or a food allowance to help with daily living expenses.
3. Transportation Allowances
To ease commuting costs, companies might cover public transport passes or provide parking benefits.
4. Wellness Programs
Businesses may promote employee well-being through: Gym memberships, Mental health support, and Health and wellness workshops.
5. Flexible Work Arrangements
Although not guaranteed by law, many companies now offer: Remote work options, Flexible working hours, and Compressed workweeks
6. Professional Development
Some employers provide training budgets, language courses, or tuition reimbursement to support employee learning and growth.
Why companies in Greece offer employee benefits?
Employee benefits are a way for companies to attract and retain employees. They can include things like health insurance, retirement savings plans, and paid time off. Offering employee benefits is often seen as a way to improve employee morale and motivation.
In Greece, employee benefits are often offered as a way to attract and retain employees. This is especially true in industries where there is a lot of competition for talent. Offering employee benefits can help companies in Greece stand out from the competition and attract the best employees.
There are a number of reasons why companies in Greece offer employee benefits. One reason is to improve employee morale and motivation. Employee benefits can make employees feel appreciated and valued, which can lead to higher levels of employee satisfaction. Another reason is to attract and retain employees. In Greece, employee benefits can help companies stand out from the competition and attract the best employees.
Top Employee Benefits Providers in Greece
MantraCare is a leading provider of employee benefits provider in Greece. They offer multiple employee benefits programs for employees such as EAP, Corporate Yoga, Physical therapy, chronic condition reversal (for Diabetes & Hypertension), meditation, work counseling & more.
Aon is one of the largest employee benefits providers in Greece. The company offers a wide range of services including health insurance, retirement planning, and employee assistance programs. Aon also has a network of over 30,000 doctors and hospitals across Greece.
Delta Insurance is a leading provider of employee benefits in Greece, with over 20 years’ experience. They offer a wide range of employee benefits services, including health and dental insurance, life insurance, disability insurance, and retirement planning.
Cost of Employee Benefits Program in Greece
The cost of an Employee benefits will vary depending on the provider, the size of the company, and the services offered.
The cost of employee benefits programs can vary depending on the country. In Greece, the average cost per employee is about $2000 per year. This includes things like paid vacation days, health insurance, and other benefits. While this may seem like a lot, it is actually quite reasonable when you compare it to other countries. For example, in the United States, the average cost per employee is over $10,000 per year. This difference is due to the fact that Greece has much lower taxes than the United States.
MantraCare is one of the most cost-effective employee benefits provider with plans starting at $3 per employee.
Ready to Transform Your Workplace? Let’s Talk
Your competitors are already offering better benefits. Now it’s your turn to change your work environment and retain the top talents.
Whether you’re a local business or a global company in Greece, now is the time to invest in the right employee benefits — and for that, we’re here to help. At MantraCare we’ll help you design a customized benefits plan that fits your team and your budget. Let’s build a healthier, happier workforce — together.