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This article was published May 21, 2015 at 13:39.
In Italy the crisis has exacerbated income inequality, which are among the largest in Europe. Based on an OECD report released today, the average income of the richest 10% of the population in the Peninsula is 11 times that of the poorest 10%, while the OECD average – also at record levels – is a gap 9, 6 times. The Gini coefficient which measures the differences in the distribution of wealth (from 0 to 1 and the higher the greater the inequality) in Italy rose from 0.313 in 2007 to 0.327 in 2013, the sixth highest in Europe and the 13th in ‘OECD, while in the same period the average of the change has had a much more modest, rising from 0,314 to 0,315.
The poorest 10% of the population in Italy has suffered a drop in income of 4% per year between 2007 and 2011, while the average income fell by 2% and 10% more rich by only 1 percent. Poverty in the Peninsula has increased very markedly, rising to a rate of 14.9% in 2013, more than 4 points higher than in 2007, one of the worst data OECD (fourth among those available), while the average the area has increased from 7.7% in 2007 to 9.9% in 2013. The children are the age group with the highest incidence of poverty, 17% versus 13% OECD average. Even young people between 18 and 25 years old have a poverty rate above the average (14.7% against 13.8%), while over 65 (9.3%) not fare better than the rest of the OECD ( 12.6%). Among adults, the poverty rate is 12.1% (OECD 9.9%) and “working-poor” – that is, those who have a job but an income below the poverty line – come to 12%, while nel’Ocse stop an average 8.7 percent.
The OECD shows that the major source of income inequality, inequality of labor income, has increased (+ 0.65%) between 2007 and 2011 mainly because of wage dispersion linked to the spread of atypical contracts that is unmatched in the OECD area, with lower wages than traditional contracts. In Italy 40% of employees in 2013 worked with atypical contracts, compared to 33% OECD average. Between 1995 and 2007, while employment in standard contracts rose by only 3% in Italy (+ 10% against the OECD average), standard contracts increased by 24%, the highest figure compared with OECD an average of 7.3%. Between 2007 and 2011 employment with traditional contracts fell by 4.3% in Italy (-3% OECD), while the typical work rose by 1.6% (twice the OECD average). Workers with atypical contracts in Italy earn on average 25% less time than a worker “traditional”.
53% of atypical is the main income earner in a family (compared with 48% OECD), the result is that often their families are at the poverty line. Italy is, after Greece, the OECD country with the largest portion of families of atypical workers at risk of poverty, 37% against the 27% OECD average. In Italy, also notes the report, the tax system does not alleviate the situation of the “working poor”, while OECD-wide tax breaks and manage to avoid poverty in about a third of workers with sub-standard work situations. In Italy it remains then the wide gender gap. As for employment, is the largest of the OECD (18% versus 12%), although it was down from 325 in 1992.
Turning to the effects of the crisis on the net wealth of Italian, according to OECD calculations for the poorest 20% between 2006 and 2012 fell by 25% a year compared with the 0.8% drop of the richest 20%. For the rest of the population, or the middle class, the decline was 2.1 percent. Translated into figures, or money, the average net wealth of Italian households in 2010 amounted to $ 273,600, above the OECD average ($ 268,500). For the poorest 20%, however, the figure is reduced to $ 5,495, while the median strip reaches 175,000 (OECD average 149 000), jumping to 1.23 million for the “top 10%” and pushing to nearly 4,000,000 for the richest 1%. The latter figure is, however, under the OECD average that is of 4.65 million. Italian families are less likely to go into debt: only 25% there is an appeal against the 80% of Norwegian and American. In addition, only 2% of the families of the Peninsula can be seen as over-indebted compared to 24% in the US and the astonishing 30% in Norway. (Thomson Financial)
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