Whether or not you are one of the nearly 36 million Americans who lost their jobs during the coronavirus pandemic, your income has likely been affected.
Overall, American workers have lost $ 1.3 trillion in income, which equates to an average loss of almost $ 8,900 per worker, according to a study released Tuesday by the Society for Human Resource Management and Oxford Economics .
About 20% of the loss, or $ 260 billion, represents workers who have remained employed. These workers have accepted lower wages or shorter hours, according to the bi-monthly COVID-19 Business Index, which interviewed about 1,000 US human resource professionals. United States
This suggests that “the job losses alone are an incomplete account of the impact of COVID-19 on workers,” the report notes.
“It’s not just an abstract figure: we’re talking about lives and livelihoods,” said Johnny Taylor Jr., CEO of SHRM. “It is our reality, and underscores the urgency with which we must move forward to reopen safely and return to work.”
In late April, some states began to lift their home stay requests, allowing restaurants and other businesses to reopen at significantly reduced capacity. Other states, including California, the most populous state in the country, also began lifting restrictions in May.
Some states like Texas have seen an increase in coronavirus cases since then. It is unclear whether the increase in the number of cases is due to the reopening or simply to the increase in virus screening rates, former Food and Drug Administration commissioner Scott Gottlieb tweeted last week.
According to the 36 million Americans who have lost their jobs, half are likely to accept a 16% lower wage once they get a new job, according to investigation
This percentage increases with age. Workers aged 50 to 61 on average are likely to accept a 23% cut in wages when re-employed, compared with 11% for workers aged 25 to 34.