V. Korkidis: The Christmas market is moving satisfactorily

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The 13th salary is never a “free gift” for the market, noted in his statements about the course of the festive market the president of the Piraeus Chamber of Commerce and Industry and the Attica Regional Chamber Council Vassilis Korkidis.

According to the first estimates, as mentioned by Mr. Korkidis, the Christmas market is moving satisfactorily and seems to close closer to the turnover of December 2019 of 3.6 billion euros and quite far from the corresponding of 2020, which due to last year lockdown almost 2 billion euros were lost. An important “injection” for another year, he added, was the money, which was channeled into the economy from the granting of the Christmas present to the private sector and is estimated at about 1.7 billion euros. This amount covered social needs and certainly stimulated the market before Christmas, while it will equally substantially increase consumer spending in the last working days of the year, so that it closes with a positive sign.

At the same time, the president added, with the support of the real economy from the 13th salary, the income of the insurance funds is strengthened, as in addition to the net salaries of the employees, significant contributions are paid by both the employees and the employers, despite the reductions 3 percentage points in 2021.

He also mentioned the following:

According to the latest data from November from the ERGANI database of the Ministry of Labor, the job balance remains positive during the year with 136,000 net recruitments. The multiplier effects of the liquidity of the gift, help businesses significantly every year, since most of the extra income of employees returns, through consumption, to their coffers. In fact, it is characteristic that before the payment of the gift 1 in 4 consumers makes the purchases with credit cards, ie with loans, while with the payment of the gift he makes use of debit cards and cash.

The serious liquidity difficulties continued this year both for the companies to pay the gift on time, and for the employees due to the energy accuracy, to spend as usual most of the 13th salary in shops, restaurants, travel and entertainment. According to the latest figures, out of a total of around 2.3 million private sector workers, with an average full-time salary of € 1,162 and an average daily wage of € 50, the Christmas present has given households a deep financial boost. Of course, no one ignores the 4.8% increase in inflation on an annual basis, which reduced disposable income, with the main lever being the electricity and gas bills, which increased by 15.9% and 31.7%, respectively.

The total cost of the Christmas gift to employees for private sector companies is estimated at 2.5 billion euros, with the total gross earnings of insured employees amounting to 2 billion euros, while their final net earnings range at 1.7 billion. The 13th salary may be an additional salary obligation for companies, but employers have never considered it a “gift – free”, since the Christmas gift gives added value and despite the difficulties in its payment, it always returns multiplier to the economy and the market. Finally, the 13th salary, like any other gift, which we either offer or accept, improves the psychology, which is equally needed by the society and the economy of the place more than ever.

Source: AMPE


Source From: Capital

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