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[PIO] Labour Costs: 3rd Quarter 2021

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According to preliminary data, hourly labour costs (total costs) in Q3 2021 increased by 7.3%, compared to the same quarter last year. In Q2 2021, hourly labour costs increased by 17.1%.

The two components of labour costs, wages and salaries per hour worked and non-wage costs per hour worked, increased by 3.8% and 25.5% respectively, compared to the same quarter last year. In Q2 2021, the annual changes were 19.3% for wages and salaries per hour worked and 7.5% for non-wage costs per hour worked.


Note: Data from Q1 2021 are preliminary.

Hourly labor costs (total costs), adjusted for seasonal variations, decreased 1.3% from the previous quarter. Hourly labour costs, which refers to wages and salaries, adjusted for seasonal variations, decreased 2.9%, while hourly non-wage costs increased 6.6%.

Table

[tr] [td] [/td] [td]

Index

[/td] [td]

Change (%)

[/td] [/tr] [tr] [td] [td]

Unadjusted

[/td] [/td] [td]

Seasonally adjusted

[/td] [td]

With the corresponding quarter of the previous year year

[/td] [td]

With the corresponding quarter of the previous year

[/td] [/td] [/tr] [tr] [td]

Total Labour Cost

[/td] [/td] [td] [/td] [td] [/td] [td] [/td] [/tr] [tr] [td]

Q3 2021

[/td] [td]

123,47

[/td] [td]

117.71

[/td] [td]

7.3

[/td] [td]

-1.3

[/td] [/tr] [tr] [td]

2nd Quarter 2021

[/td] [td]

111.79

[/td] [td]

119,25

[/td] [td]

17.1

[/td] [td]

6.0

[/td] [/td] [/tr] [tr] [td]

3rd Quarter 2020

[/td] [td]

115.09

[/td] [td]

109.84

[/td] [td]

-2.1

[/td] [td]

6,9

[/td] [/tr] [tr] [td]

Wages and Salaries

[/td] [td] [/td] [td] [/td] [td] [/td] [/tr] [tr] [td]

3rd Quarter 2021

[/td] [td]

119,44

[/td] [td]

114.28

[/td] [td]

3.8

[/td] [td]

-2,9

[/td] [/tr] [tr] [td]

2nd Quarter 2021

[/td] [td]

111.34

[/td] [td]

117.70

[/td] [td]

19.3

[/td] [td]

7,6

[/td] [/tr] [tr] [td]

3rd Quarter 2020

[/td] [td]

115,01

[/td] [td]

110,20

[/td] [td]

0,4

[/td] [td]

10,3

[/td] [/tr] [tr] [td]

Non-wage costs

[/td] [td] [/td] [td] [/td] [td] [/td] [/tr] [tr] [td]

3rd Quarter 2021

[/td] [td]

144,82

[/td] [td]

135.88

[/td] [td]

25.5

[/td] [td]

6,6

[/td] [/tr] [tr] [td]

2nd Quarter 2021

[/td] [td]

114.83

[/td] [td]

127.52

[/td] [td]

7.5

[/td] [td]

-1,2

[/td] [/tr] [tr] [td]

Q3 2020

[/td] [td]

115.42

[/td] [td]

107.87

[/td] [td]

-13.7

[/td] [td]

-8.7

[/td] [/tr] [/td] [/tr]

Due to rounding of numbers, the calculation of the change may differ from the percentage change shown in the table.

Methodological Information

Identity of the Index

The Labour Cost Index is one of the main European economic indicators produced by all European Union countries under Regulation (EC) No. 1216/2003 implementing Regulation (EC) No 450/2003 of the European Parliament and of the Council concerning the labour cost index. The index is used as an indication of the inflationary pressure that may arise from labour market developments.

Data coverage

The Index covers all economic activities except Sector A: Agriculture, Forestry and Fishing, Sector T: Activities of Households as Employers and Sector U: Activities of Unincorporated Organisations and Institutions.

All employees registered in the Social Security Services Register are covered. Excludes employees who declare a gross salary of less than 50% of the minimum wage, as specified in the decree of the Ministry of Labour and Social Security. Wages above €20,000 per month are also excluded.

Definitions

The Labour Cost Index reflects the short-term evolution of total costs, on an hourly basis, of employers employing labour.

The Labour Cost Index is compiled as a "chain-linked Laspeyres cost-index" using a base year (2016 = 100).

The Labour Cost Index is compiled as a "chain-linked Laspeyres cost-index" using a base year (2016 = 100). The index is presented in both non-seasonally adjusted and seasonally adjusted form.

In addition to total labour costs, two additional indicators are presented, separating the components of total labour costs:

(a) "Wages and salaries", which refers to gross wages and salaries, and

"Non-wage costs", which refers to employer social security contributions plus taxes paid by the employer minus subsidies received by the employer.

Administrative sources and other available data are used to compile the Index. In particular.
[*]data from the Social Insurance Services [*]data from the General Accounting Office of the Republic [*]hours worked, as published by the Statistical Office (National Accounts data) [*]the latest available results of the Labour Cost Survey.

In addition to changes in 'wages and salaries' and 'non-wage costs', the Labour Cost Index (total costs) also reflects the change in hours worked. It should be noted that weighting factors (total labour costs) referring to the previous year are used to calculate the change.

Data availability

The Index is published in the online database of the Statistical Office CYSTAT-DB and on the Eurostat website. Data are available from the first quarter of 2000 with a base year of 2016.

For more information:

Statistical Office Portal, repository Labour Costs and Earnings

CYSTAT-DB (Database)

Contact:

Fani Lagoux: Tel:+35722602115, Tel. plagou@cystat.mof.gov.cy

Eleni Christodoulidou: Tel:+35722602142, Tel. echristodoulidou@cystat.mof.gov.cy

(NG/IC)
Contents of this article including associated images are belongs PIO
Views & opinions expressed are those of the author and/or PIO

Source

 
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