Advertisement
Singapore markets close in 6 hours 29 minutes
  • Straits Times Index

    3,174.83
    +2.90 (+0.09%)
     
  • Nikkei

    39,500.19
    -240.25 (-0.60%)
     
  • Hang Seng

    16,664.34
    -72.78 (-0.43%)
     
  • FTSE 100

    7,722.55
    -4.87 (-0.06%)
     
  • Bitcoin USD

    66,293.56
    -1,154.53 (-1.71%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,149.42
    +32.33 (+0.63%)
     
  • Dow

    38,790.43
    +75.66 (+0.20%)
     
  • Nasdaq

    16,103.45
    +130.27 (+0.82%)
     
  • Gold

    2,164.60
    +0.30 (+0.01%)
     
  • Crude Oil

    82.67
    -0.05 (-0.06%)
     
  • 10-Yr Bond

    4.3400
    +0.0360 (+0.84%)
     
  • FTSE Bursa Malaysia

    1,548.43
    -5.21 (-0.34%)
     
  • Jakarta Composite Index

    7,337.02
    +34.57 (+0.47%)
     
  • PSE Index

    6,878.59
    +25.30 (+0.37%)
     

Short-time work hits German wages in second quarter

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.

ADVERTISEMENT

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.

(Reporting by Madeline Chambers; Editing by Catherine Evans)