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Compensation & Benefits in GrGreece.






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Euro (€) (EUR)

Designing a competitive benefits plan can make your business stand out in a new market. With optimized employee benefits planning in Greece, your company can continue to grow and deepen employee engagement in the region.

Greece compensation laws

An employee benefits plan contributes to the growth of your company. If you design programs that are competitive within the market, the benefits you offer can serve as a strong incentive for job seekers to apply for open roles. Once you have established a workforce, these provisions will improve morale and encourage employees to stay long term.

Fringe benefits, or provisions not required by law, will make your business competitive. These can include:

  • Meal allowance
  • Company car
  • Transportation stipends
  • Supplemental insurance

Guaranteed benefits in Greece

While supplemental benefits will make your company stand out, employers have legal obligations to consider first. In Greece, employers must provide:

Greece benefits management

When creating a benefits plan, the first thing to consider is your company’s financial resources and employees’ needs. While these factors may seem at odds with each other at times, it’s possible to find a balance with the right approach.

1. Think about your resources and goals.

Overextending financial resources can limit your company’s growth, so it’s essential to have clear goals to determine how your benefits plan may help you work towards them. For example, if you want to focus on retention, you may opt for a smaller workforce with a more generous benefits package. Consider your company’s expected revenue and expenses for the year and build a budget based on that.

2. Research the market and learn about employee needs.

Companies can only become competitive in the market if they understand it. It’s important to take time to research different competitors in the area and the benefits packages they offer. The standards in a particular market or industry often inform what local workers expect from employers.

To get a better understanding of employees and their needs, conduct interviews or distribute surveys. This process can help you choose benefits that will encourage job seekers to apply for vacancies.

3. Create your benefits plan.

Based on your findings, you can develop a benefits plan that aligns with your budget and helps you stand out within the market. You can start by allocating funding to any required benefits first, then use the remaining budget for some of the top provisions you learned about in your research.

Average cost of benefits

The cost of benefits varies widely between businesses because every employer offers a different plan. With factors like location, industry, and size affecting the benefits a company provides, an average cost wouldn’t be a helpful metric. Instead, it’s best to create a benefits budget based on your company’s unique offering and needs.

How to calculate benefits

Some benefits calculations vary depending on the provision. Companies can take their total budget and divide it by the number of employees to distribute the funds evenly.

Other benefits may require more complex calculations. The labor laws offer guidance for required provisions, like social insurance contributions. Currently, employers must contribute 22.29% to social insurance, and employees are responsible for 14.12%.

How are employee benefits taxed in Greece?

Income tax laws recognize benefits as a part of employment earnings, and they should be treated as such. Companies are responsible for paying income tax through employees’ paychecks. Any tax calculations should factor in the value of provided benefits.

These additions to income can include cash bonuses and stipends. Some benefits might require a determined cash value, like a company car or gym membership.

Employee health benefits in Greece

Under Greece’s universal healthcare system, a mix of public and private providers extend free and low-cost access to residents. The Social Insurance Institute covers many services within the healthcare sector, and contributions to this fund are mandatory. Employers are responsible for making social security contributions through employee paychecks and on behalf of workers.

Private insurance schemes are not required by law, although employers may choose to provide them to cover any expenses outside of the publicly funded system.

Partner with G-P to build your everywhere workforce.

As your partner in global expansion, G-P will handle payroll and compliance, so you can focus on growing your team and scaling your business. Our market-leading Global Growth Platform™ is powered by the first fully customizable suite of global employment products and backed by the industry’s largest team of in-country HR and legal experts to streamline payroll management and help you offer competitive, compliant local benefits.

Learn more about our platform and request a proposal today.


THIS CONTENT IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE LEGAL OR TAX ADVICE. You should always consult with and rely on your own legal and/or tax advisor(s). G-P does not provide legal or tax advice. The information is general and not tailored to a specific company or workforce and does not reflect G-P’s product delivery in any given jurisdiction. G-P makes no representations or warranties concerning the accuracy, completeness, or timeliness of this information and shall have no liability arising out of or in connection with it, including any loss caused by use of, or reliance on, the information.

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