Short-time work hits German wages in second quarter By Reuters



© Reuters. FILE PHOTO: Frankfurt’s airport during COVID-19

BERLIN (Reuters) – Gross monthly earnings for full- and part-time workers in Germany fell 2.2% on average in the second quarter from a year ago, due mainly to the wide use of short-time work during the coronavirus crisis, the Federal Statistics Office said on Tuesday.

The hardest-hit sectors were hotels and hospitality, the auto sector and tour operators, it said.

“The broad use of short-time working due to the coronavirus pandemic had a negative impact on the level and development of gross monthly earnings and working hours,” the Office said in a statement.

It added, however, that the short-time work programme, under which employees temporarily work shorter hours but keep their jobs while the state makes up the shortfall, cushioned the loss of income for employees to a large extent.

The Ifo institute said last week that the number of people in Germany on short-time work had fallen to 5.6 million.

Hourly earnings before tax were not hit by short-time work, rising 2.6% on average in the second quarter from the same period last year, said the Office.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.