Inequality is one of the biggest consequences of the economic crisis in Spain. The latest Income Inequality Update by the Organization for Economic Cooperation and Development (OECD) shows that between 2010 and 2014, Spanish workers with the lowest salaries suffered the greatest wage cuts of all OECD member states after Portugal.
“In Spain, despite the prolonged period of strong job creation, stimulated by the 2012 labor reform, persistently high levels of long-term unemployment, falling real wages and persisting labor market segmentation translated into a sharp fall of labor incomes, especially at the bottom,” reads the report, which was released on Thursday.
Spain also has the highest rate of poor workers after Turkey and Chile.
“Higher-income households benefited more from the recovery than those with middle and lower incomes,” states the study. “The fruits of the economic recovery have not been evenly shared.”
In Spain, inequality grew in 2014 even though the economy was growing …
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