BUSINESS

Reduced work hours warning

ROULA SALOUROU

TAGS: Economy

The coronavirus pandemic has not only seen many people lose their jobs but has also forced workers to work fewer hours due to the rise in flexible forms of employment, concerning about 50% of jobs created, and the furlough measures, the Labor Institute of the General Confederation of Greek Labor (INE GSEE) notes in its monthly bulletin.

As the Organization for Economic Cooperation and Development (OECD) mentioned in a recent report, the impact of the Covid crisis on the reduction of hours worked is 10 times that of the 2007-08 financial crisis. The institute warns that these dramatic shifts in employment and labor relations will result in a significant reduction of salaries and disposable incomes. In this context, INE GSEE is calling for new interventions for the economy, to create the conditions for economic stability and a reversal of the recessionary momentum, as well as the transformation of the growth standard.

It notes that the disposable income of households will depend on the course of employment and its payments, as well as the fiscal interventions to be made.

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