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Post-pandemic, wages likely to recover after sharp drop in 2020, ECB's latest bulletin sauugests.
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Employee pay should rebound strongly in the second quarter of 2021 following a dramatic drop in growth in the second quarter of 2020 as a result of the Covid crisis, according to the European Central Bank's latest Economic Bulletin, with upward base effects strongest in those high-contact service sector jobs hit hardest by lockdown restrictions.
More generally, per employee compensation developments will normalise over the coming years, authors Gerrit Koester and Eduardo Gonçalves argue, but it is unclear whether sectoral wage negotiations will aim to make up for pandemic-related losses, a process which could add to wage growth.