The loss of purchasing power of employees due to the wave of accuracy continued in December 2021 according to the Labor Institute of GSEE and the new Bulletin of Economic Developments entitled “Accuracy, purchasing power and labor market”, which 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 of the study
– The loss of purchasing power of employees due to the wave of accuracy continued in December 2021. Specifically, the loss of purchasing power of the minimum wage reached 10.4%, while the average wage of part-time employees 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 earnings 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.
Read the full study here
Equally large is the disparity in the employment rate with respect to 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.
– During the same period, 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%).
– There is a large wage inequality between men and women. 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.
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