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In its latest economic bulletin, the Bank of Greece (BoG) included a study that sets out how private sector employment has been affected during the crisis.

The first finding is related to the evolution of employees insured in IKA, the largest social security organisation in Greece, suggesting that the number of those insured in IKA fell by 31.2% to a low of 1.43 mln in December 2012, about 650,000 less jobs compared to the peak of 2.08 mln in June 2008.

This is much higher compared to a rise of 24% or 400,000 new jobs registered in the 6-year period prior to June 2008.

According to the study, the number of those registered with IKA has been moving upwards since early 2013 and from May 2013 has risen month on month. At the end of November 2013 (most recent available data), employment declared at IKA stood at 1.61 mln, which is higher by 160,000 year on year (YoY).

The study concludes that it is likely there will be an overall rise in those registered with IKA in 2013 and 2014.

This mainly stems from an increase in the number of new hirings announced by the public Human Resources Employment Organisation (OAED) in 2013 which outpaced withdrawals by 133.5 mln for the first time after six consecutive years of negative balance.

The BoG study also pointed to Hellenic Statistical Authority (ELSTAT) figures for total employment, which showed it rose 0.4% YoY in March 2014 for the first time since 2008.

However, these figures for March were released at the beginning of June. The more updated figures published on July 10, showed a revision of March data now pointing to a slower YoY growth in the non-seasonally adjusted employment at 0.1%. In addition, this positive trend was reversed in April, which recorded a drop in employment by 1.8% YoY.

The number of firms insuring their employees with IKA also showed a dramatic change during the crisis years. In the fouryear period prior to June 2008, this Óumber rose by 30,000 to 287,000.

In the ensuing 3.5-year period to December 2012 it nosedived by 100,000 - or 36% - to 178,700. The study indicates that since then, the number of firms has increased by 16% or by 30,000 until November 2013.

Nominal daily wages for men rose 6.7% in 2009, 1.3% in 2010 and 0.7% in 2011, before falling by 4.1% in 2012. The equivalent figures for women showed a higher increase (37.5% versus 32.5% for men in 2004-2011) and a similar drop in the January 2012-November 2013 period, at -12.8% for women and at -13% for men. However, the daily wage for women stands at 42.9 euros, which is 20% below that of men (53.5 euros).

The BoG study also found that companies initially reacted to the crisis through job shedding, which was later followed by a cut in wages.

In particular, new hirings for full-time employment halved from 746,900 in 2009 to 375,800 in 2012, while the 35,500 project contracts in 2009 eliminated to just 3,000 in 2012. On the flipside, contracts for part-time employment increased by 84,000 in 2010-2012.

The study also showed that in 2010-2012, 100,000 full-time contracts were converted to part-time and another 70,000 to rotational shift work. In addition, 94,000 employees saw a wage reduction in their labour contracts in 2012, while nominal salary cuts implemented in 2012 affected 261,300 employees with an average wage reduction at 22.2%.

The study concluded that since the beginning of the Greek crisis until December 2012, the number of firms with employees insured in IKA decreased by 36%, employment fell by 31.2%, while real daily wage was cut by 7.35%.