The purchasing power of low-wage workers in Greece has decreased by 40% and has adverse effects on the standard of living of households, the Labor Institute of the General Confederation of Greek Workers (INE/GSEE) said i its relevant report.
According to INE/GSEE latest new economic development report “The cost of living crisis in Greece”, the asymmetric impact of high costs becomes apparent in the analysis by income bracket..
Regarding the percentage of the monthly electricity and natural gas bill to the adjusted disposable income of households in the first half of 2022, the analysis notes that Greece had the second-worst performance in the EU in terms of household burden, exceeding 6% of monthly disposable income in purchasing power units.
The wave of high costs in energy and commodities is having a significant impact on the purchasing power of wage earners and their standard of living.
It is pointed out that from April 2022 onward the loss of purchasing power of the minimum wage in Greece ranges around 19%.
Given that the minimum wage in Greece is below the level of a reasonable standard, it is understood that high costs have diminished the standard of living of wage earners and their families. Living conditions are worse for those partially employed due to the disproportionate impact of high costs on low incomes. An additional negative effect of the decline in purchasing power concerns the dynamics of consumption and growth.
The asymmetric effect of high costs becomes apparent in the analysis showing the loss of purchasing power by income bracket.
The combination of rising prices mainly for basic goods such as energy and food and very low incomes is pushing the loss of purchasing power of households with a monthly income of less than €750 by up to 40%.
At the same time, through research, a series of necessary interventions are supported, which aim to protect the purchasing power of employees and the most vulnerable social groups.
According to the GSEE Labor Institute, the great challenge for the current economic policy is to achieve:
a) the de-escalation of inflation,
b) the fair distribution of the cost of inflation and
c) avoiding a recessionary effect on GDP, which in turn would stimulate fiscal risks.
“According to the GSEE Labor Institute, the great challenge for the current economic policy is to achieve:
a) the de-escalation of inflation
b) the fair distribution of the cost of inflation
c) avoiding a recessionary effect on GDP, which in turn would stimulate fiscal risks.”
For a start, how about stopping the obscene amount of money being spent to support the current proxy war?
I suppose it is Russias unfair attac on Ukranie you mean.. Do you really think that we should not support a free, democratic country that is beeing unlawfully attacted??? What if it would be Greece that was attacted?? Then you would want support, I am sure!!! The ukranians are suffering now, in a way we cant imagine. No electricity, water, food and so on… What have they done to deserve that, NOTHING!! And you call it a “proxy” war: SHAME!!
has anybody lifted a finger about cyprus in almost 50 years? but theyre all bleeding hearts for the ukraine, which has been a gigantic money laundering operation for western billionaires and politicians the past decade.. sorry, we need to first put our own house in order!
The UN forces stopped the turkish invasion in the middle of Cyprus, didnt they? And the rest you can blame Erdogan and Turkey for! Of course, Cyprus is greek but not all inhabitants think so…..
PS: a.citizen, you say the past decade…. The unfair and unlawful attac from Russia started in february this year 2022!! It has not been going on for a decade (thank God!!)
Cyprus has never actually been part of the Hellenic Republic or the Kingdom of Greece or the Hellenic State as it has been called since independence. A fascist coup to achieve Enosis (Union with Greece) failed and gave Turkey the perfect excuse it needed to invade Cyprus.
Mika, a.citizen said Ukraine has been “a gigantic money laundering operation for western billionaires and politicians the past decade”. He/she/it/they didn’t say the war had been going on for a decade.
“Do you really think that we should not support a free, democratic country that is beeing unlawfully attacted???”
(For me anyway), a country that bans all major opposition parties and confiscates their assets is hardly free and/or democratic.
If we are talking about Ukraine, they have NOT banned any opposition parties and have NOT confiscated any private property! Sorry to say but you must be one of the “trolls” raging around the net trying to spread lies about Ukraine. And who is paying you… well you know yourself…… and so do I !!!!