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

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(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.