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INE GSEE: The loss of purchasing power of employees due to the wave of accuracy continues

The new Bulletin of Economic Developments entitled: “Accuracy, purchasing power and labor market” was published today by the Labor Institute of GSEE.

The Bulletin records the effects of the wave of accuracy on citizens’ incomes and labor market performance compared to those in other EU Member States. The main findings are as follows:

-The loss of purchasing power of employees Due to the wave of accuracy, it continued in December 2021. Specifically, the loss of purchasing power of the minimum wage reached 10.4%, while the average wage of part-time workers reached 13.7%. In the same month, the average monthly individual disposable income lost about 7% of its purchasing power on an annual basis.

-In 2020 the annual net income of a household with two adults and two children decreased in purchasing power parity (PPS) compared to 2019. Also, in Greece these earnings in 2020 corresponded to 74.3% of the Eurozone average.

Equally large is the gap between the employment rate and the Eurozone member states. In the third quarter of 2021, Greece recorded the second worst performance, with the difference between the average of the Eurozone and Greece being equal to 8.8 percentage points. In addition, in Greece the employment rate of women in the third quarter of 2021 was much lower than that of men.

-At the same time, Greece recorded the second worst performance in the Eurozone in terms of the transition from unemployment to employment and the highest rate of long-term unemployment (67.1%).

– The wage inequality between men and women is big. In December 2020, more women were employed in low-paid jobs. Indicatively, the lower than the minimum wage employed averaged 11% more women than men, while the higher than the lower wage employed an average of 43% more men than women.

See the full Bulletin in the right hand column Related Files

Source From: Capital

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