14 salaries

In Greece the private sector does not pay in twelve salaries but in 14 pay periods a year. On top of the twelve monthly salaries, the employee receives the festive bonuses and the holiday allowance — a long-standing institution that also changes how the monthly tax is worked out. This page explains what the 14 salaries are made of and why the calculator “annualizes” the withholding over 14.

What the 14 salaries are made of

On top of the twelve regular monthly salaries come three extra payments:

• Christmas bonus — equal to one full monthly salary, paid before the holidays.
• Easter bonus — equal to half a monthly salary.
• Holiday allowance — also equal to half a monthly salary, paid with the annual leave.

One full salary plus two halves make two extra salaries: twelve and two, a total of 14. These amounts assume full-time work across the whole year; anyone who worked part of the year receives a proportional share. In the public sector the bonuses and holiday allowance were abolished (Law 4093/2012), so the 14-salary basis mainly concerns the private sector.

Why the withholding is annualized over 14

Because the tax is annual but paid in 14 instalments, the monthly withholding has to be spread correctly across all of them. The calculator follows the same logic as payroll: it works out the annual taxable base by multiplying the monthly figure by 14, finds the annual tax from the scale (minus the tax reduction) and divides it back by 14 for the monthly withholding.

The practical effect: the monthly withholding has already accounted for the tax on the bonuses. So when the Christmas or Easter bonus arrives, there is no disproportionately large one-off deduction — its tax has already been spread evenly across the year. In the same way, the EFKA maximum insurable-earnings ceiling is defined on a monthly basis, so the picture of each payslip stays consistent.

The values come from named primary sources, but they have not been through this site’s own review and sign-off — do not use them for a real, accounting or tax decision. For an official amount, go to the cited source or the responsible authority.

The full content of this page is still in preparation and subject to review.