Business
Posted: 1 week ago

Employers' Association Predicts Further Reduction in the Average Wage by the End of the Year

The Employers' Association predicts a further decline in average monthly wages by the end of 2020. The cause is the coronavirus pandemic and the negative attitudes associated with it.

"The reason is the economic instability that exists in the conditions of the pandemic in the country today and in the world in general.Reduced amount of jobs, reduced demand for products and services, which ultimately affects the number of employees and their pay. The fact that everyone's trying to reduce expenses, complicates the situation. Many businesses think about creating as much reserve as possible at the expense of something. This is something that in many cases is the quality of products, prices, or the number of employees and pay. We think the downward trend will continue until the end of 2020," Lasha Labadze, executive director of the Employers' Association, told Business Partner.

According to Geostat, in the second quarter of 2020, the average monthly nominal wage in Georgia decreased by 2.5% (29.6 GEL) compared to the same period last year and amounted to 1,150.