Estimated Income Loss To U.S. Workers During Pandemic: $1.3 Trillion

By , RADIO.COM

(WBBM NEWSRADIO) — A new bi-weekly survey looks at lost income as a result of COVID-19. 

According to the Society for Human Resource Management and Oxford Economics, their new “COVID-19 U.S. Business Index” finds that U.S. workers to date have lost $1.3 trillion in income.

“That’s really scary — roughly $9,000 per U.S. worker,” Johnny Taylor Jr., president and CEO of SHRM, tells WBBM Newsradio’s Jennifer Keiper.

Twenty percent of the lost wages come from employees who haven’t been laid off outright, but rather workers who were furloughed or working reduced hours, he said.

The survey, which will be updated on a bi-weekly basis, also finds that hourly workers saw their hours (and consequently pay) reduced by 9%. Five percent of salaried workers saw their pay decreased or deferred by 14% on average. 

Trending Coronavirus Coverage From RADIO.COM
—After stimulus package passes House, what happens next?
—HEROES Act: Who qualifies for the newly proposed $1,200 stimulus check?
—Disney Parks to implement mask requirements, plexiglass dividers, and temperature checks
—Can Social Security survive the coronavirus crisis?
—Black light experiment shows how coronavirus could spread at a restaurant
—How to save money on groceries during the coronavirus pandemic
—Is it safe to go to the beach this summer? 6 tips to protect yourself and others
—Teens arrested after coronavirus coughing pranks at Walmart
—Can’t afford your mortgage during COVID-19? 3 relief options for homeowners

LISTEN NOW on the RADIO.COM App
Follow RADIO.COM
Facebook | Twitter | Instagram