Greece, Cyprus amongst countries with increasing poverty risk
Greece and Cyprus are among the countries identified with an increasing risk-of-poverty rate of the working age population along with Portugal, Spain, Italy, Ireland, Slovenia, Bulgaria, Austria and Sweden according to a report published yesterday by Eurostat.
The report shows that in 2020, the year of the COVID-19 outbreak, the median employment income of the working age population (18-64) in the EU decreased by 7% compared with 2019. However, the median disposable household income as well as the at-risk-of-poverty rate remained stable, with varying trends across countries.
This information comes from the early estimates on income inequality in 2020 published by Eurostat today. This article presents a handful of findings from the more detailed Statistics Explained article.
The losses in employment income were largely due to the unprecedented rise in the number of workers absent from work or working reduced hours. However, the usual government transfers and taxes as well as temporary policies helped to offset the impact of the COVID-19 crisis on disposable household income.