Cliff Taylor: Some have done a lot better than others during Covid
Smart Money: The economic hit has been unequal and this will become apparetn as supports wind down
New research s shows how the Covid-19 income supports were vital in maintaining incomes as many employers’ businesses remained closed. Photograph: iStock
New research shows that there has been deeply unequal hit on earned income from the Covid-19 pandemic, as well as the vital role State payments have played in supporting people’s incomes and stopping them getting into debt problems. But it also raises a worrying question – what happens when income supports are gradually wound down for those who are not able to return to work?
1. New findings
Research published this week by two economists – Brian Cahill of the CSO and Reamonn Lydon of the Central Bank – gives fascinating new insights into what happened to people’s incomes in the first 2020 lockdown. It looked at what happened to the income people earned from their employer and how this was replaced by the Pandemic Unemployment Payment (PUP) and the wage subsidy scheme.