The reduction of the labour cost as a means of facing the economic crisis in Greece and Europe. Realism or Utopia.

The aim of the article is to investigate whether reducing labour costs is an essential means of tackling the economic crisis. The two labour cost parameters, i.e. wage and non-wage costs, are considered. In addition, the developments in labour cost in the European Union and in Greece are presented, in particular following the implementation of the memoranda in our country, which have brought about significant changes in the field of labour relations, with an institutional dominance of the amendment of the system of setting the minimum wage levels of employees . Emphasis is placed on the difference between the EU member states in workers' salary thresholds, hourly labour costs and its components, while emphasizing on the new legislation on redundancy compensation.