Falling Polish interest rates will squeeze banks' income
7 hours ago
Employees in Croatia suffered the worst decline in incomes in 2020, according to data from Eurostat.
“The current COVID-19 pandemic crisis and the economic shutdown due to sanitary measures have led to an unprecedented rise in the number of workers absent from work and an increased number of jobs lost,” said Eurostat.
At EU level, the estimated loss for median employment income is -5.2% in 2020 compared to last year. However, the EU’s statistics office noted that the impact of the coronacrisis is “very unequally spread between member states and is particularly strong for the most vulnerable sub-groups of the working population”
Across the union, low wage earners suffered losses three to six times larger than high wage earners in half of the EU member states.
A compilation of data from across the EU shows that the deepest employment income losses in 2020 compared to 2019 were in Croatia, followed by Greece and Cyprus – all tourism-dependent countries.
Looking at the income loss before and after wage compensation provided by governments to help alleviate the impact of the pandemic, Croatian employees remained the worst affected with or without any compensation, even though the compensation mitigated the losses by around a half.
At the other end of the scale, losses were lightest in Latvia and Hungary.
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