There have been advances and setbacks at the mercy of economic cycles, but between 2006 and 2020 wages grew by an average of 1% per year. This evolution was not the same for all groups and there are even those who lose out in this temporal comparison. This is the case of the most qualified workers —those with higher and even secondary education— who, in real terms (that is, discounting the effect of inflation, which was low in that period), now earn lower wages compared to the previous period. -troika. Even so, they are recovering, and those with higher education continue to earn higher salaries. Especially if you decide to change jobs.
In recent years there has been asalary compression” or, in other words, a narrowing of the gap based on education that favors workers with less qualifications. The conclusion is contained in a study by the Bank of Portugal, published this Monday, which analyzes the period between 2006 and 2020, marked by three recessions, revisions to the Labor Code, increases in the minimum wage and low inflation of 1.1%. . between 2006 and 2020.
In general terms, the average real wage in the private sector grew between 2006 and 2009, but fell significantly in the years of the sovereign debt crisis, between 2010 and 2012, recovering since 2013, but especially since 2018. Workers with higher education and secondary school are the only ones that, in real terms, were in 2020 with salaries lower than those of 2006, “in a context of significant increase in the entry into the labor market of young people with these levels of education”, an important piece of information to understand the narrowing the skills pay gap.
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