The European Commission has today published the December 2020 edition of the Employment and Social Developments Quarterly Review, analysing the effects of the coronavirus pandemic on jobs and incomes.
It shows that policy measures cushioned the impact of the coronavirus crisis, with employment falling less than GDP and unemployment remaining stable over the past months. Nonetheless, challenges remain. The impact of the crisis on young people is very serious, and unemployment may well rise over the next few months.
Further, the review shows that the coronavirus crisis has caused an unprecedented loss in income from work. The impact has been particularly hard on workers who are already disadvantaged, such as the young and those on temporary contracts. Measures to compensate for lost wages have helped buffer the blow and support low-paid workers, who are disproportionally affected.
Read the Employment and Social Developments Quarterly Review for more details.