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Pandemic last year cut working-age incomes in EU

Income losses stemmed mainly from reduced working hours due to pandemic measures, says Eurostat

In 2020, when pandemic measures such as lockdowns and travel bans depressed economic activity worldwide, the median employment income of the working age population (18-64) in the 27-member European Union was down 7% from the previous year, the bloc said Monday.

“However, the median disposable household income as well as the at-risk-of-poverty rate remained stable, with varying trends across countries,” said the EU’s statistical agency Eurostat announced.

A statement said the losses stemmed mainly from reduced working hours, while “the usual government transfers and taxes as well as temporary policies helped to offset the impact of the COVID-19 crisis on disposable household income.”

These measures were important for stabilizing wages and incomes, especially for lower-income people, who were hit harder by the pandemic fallout, it added.

Source
AA

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