Likewise the reasons brick crisis and this coronavirus They are completely different; The way the Spanish economy and workers emerge from these is also completely opposite. If the earthquake started in offices Goldman Sachs Hispanic employees came out with a higher result inequalitythose who suffer the least, those who suffer the most; Employees are affected by the economic cycle that started after the pandemic in Wuhan. lower salaries.
This is confirmed by data from the observatory. Caixabank ResearchIt updates real-time through its clients’ payrolls how salaries and their distributions are developing. By the end of 2023 wage inequalityMeasured as the difference between the highest-paid and least-paid payrolls, it ended the year in negative numbers. Notably, wage inequality decreased by 1.3% last year. Therefore, the situation is below the levels before the covid outbreak, as Josep Mestres, senior economist at Caixabank Research, analyzed for El Periódico de Catalunya of the Prensa Ibérica group.
Month after month, Caixabank data confirms the direction other indicators are pointing; For example, annually updated National Institute of Statistics (INE) In the Active Population Survey. Accordingly, the salaries of the lowest 20 percent, that is, the 20 percent who earn the least, have increased since 2019. almost three times more more than the salaries of the top two brackets, that is, the top 20% of earners. “This doesn’t mean that the best-paid person earns less, but that the lowest-paid person earns more,” says Mestres.
It is a reality that is radically different from what was experienced during the recovery from the financial and real estate crisis that started in 2008. Why was it different this time? Here, the Caixabank economist states that two factors are decisive: later The strong and intense economic growth that followed incarcerations.
On the one hand, public assistance that enabled payment of ERTs minimized the employment destruction affected by the lower classes in the previous crisis. precarious from the labor market and those for whom it is most difficult to find employment again. By not losing that job, you’re more likely to get a pay increase because you won’t have to start another job again, according to Mestres.
On the other hand, the current expanding employment cycle ends 2023 with 1.4 million more members Social Security It provides more benefits to low-wage workers in 2019. More decentralized progress and real-time ‘tracking’ of both locals and workers by the banking establishment foreign. Another difference compared to the previous crisis, according to the senior economist, was that it took much longer for the population born outside Spain to again notice the growth of the economy in their pockets.
Intense rise in SMI
To this diagnosis, other actors add additional components to explain the current moment of progress in wage parity. The government and the unions defend a triple thesis. On the one hand, the employment composition effect. That is, the jobs created are better (and better paying) than those created before, which coincides with increases in jobs. To collect between Social Securityabove the rates at which employment is increasing.
They also add the effects of labor reform; temporariness almost half are in the private sector, and this has the derivative effects identified by the Bank of Spain: when workers become permanent, they spend more, which benefits the local economy. And to these two pillars are added the third, significant increases in the interprofessional minimum wage (SMI), which the Government has increased by more than 50% since 2019.