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these data were from the Tax Agency (Agencia Tributaria) so presumably they don't distinguish whether "work income" comes from wages or from being self-employed. Of course, Spain also has a large underground economy, and many of the independent workers, liberal professionals, etc, misrepresent their income (and evade VAT by taking cash payments without receipts).

However, it has also become relatively common for a firm to take on a full-time worker but to force them to register as self-employed, so that all the social security overhead costs are taken from the worker's gross pay. That only adds to the sense that the "labour costs" cannot be that high, since companies are allowed to get away with offloading the overhead on the workers.

The brainless should not be in banking -- Willem Buiter

by Migeru (migeru at eurotrib dot com) on Thu May 6th, 2010 at 10:40:30 AM EST
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