A report by Funcas (a private non-profit think-tank organization created and financed by CECA (Spanish confederation of savings banks)) has delivered a statistical overview of the impact of the economic crisis on salary levels. The report shows that new hires in 2015 earn 12% less than new hires earned in 2008. Part-time workers and those on short–term employment contracts have been hardest hit, with annual income levels some 23% below those of 2008. The gap is even wider for the under 26 cohort at 33%. These data have been published at a time when the issue of raising salaries is being widely debated.
An examination of data from employment records. Wage restraint and lower dismissals costs underpinned Spain’s ability to get back to growth in 2014 after five years of recession. Workers have paid the price, but not equally. This is what Funcas discovered when analyzing salary changes since 2008. The study delivers a clear and accurate picture of the situation using data from employment records from between 2008 and 2015 to study changes in the adult population both contributing to and receiving social benefits.
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