The GSEE Labor Institute and ALCO recently published a survey regarding the consumer spending power and wages, according to which about 3 out of 4 employees have seen their wages reduced in the past year.
Additionally the survey shows that one out of three employees suffered a wage cut in the past three months, while four out of ten fear further cuts over the next trimester. This has resulted in a dramatic reduction in their spending power, even on essential goods such as food.
About half of the survey’s respondents had to withdraw from their savings to cover their needs, while 22% have resorted to lending. The greatest reduction in expenses was documented amongst employees in the private sector with a lower education, an average income of 800-to-1001 euros, aged 35-44.
Vacations greatly affected by wage cuts
Furthermore the survey reveals that only 38% of respondents would go on a vacation. About 22% claim they lost the ability to go on vacation in the past year, 24% stated their vacation would be shorter than last year, while 59% revealed that the length of their vacation was unaffected. More than half of the respondents declared that they would spend their vacation at their own home of that of friends, while only 18% could afford a hotel.
