Annual Change 3.8%
According to preliminary data, hourly labour costs (total costs) in Q4 2022 increased by 3.8%, compared to the same quarter of the previous year.
The two components of labour costs, wages and salaries per hour worked and non-wage costs per hour worked, increased 3.7% and 4.1% respectively, compared to the same quarter last year.
Note: Data from Q1 2022 onwards are preliminary.
Hourly labour costs (total costs), adjusted for seasonal variations, increased by 0.6% compared to the previous quarter. Hourly labor costs, which refers to wages and salaries, adjusted for seasonal variations, increased 0.8%, while hourly non-wage costs, decreased 0.2%.
| Table |
[TD] [/TD] [TD] [/TD] [TD]
[/TD] [TD] [/TD] [TD] [/TD] [/TD]
[TR] [TD] [/TD] [/TD] [TD] [TD]
Index
[/TD] [TD][/TD] [TD]
Change (%)
[/TD] [/TR] [TR] [TD]Unadjusted
[/TD] [TD]Seasonally adjusted
[/TD] [TD] [/TD] [/TD] [TD] [/TD] [TD]With the corresponding quarter of the previous year
[/TD] [TD]With the previous quarter (seasonally adjusted Index)
[/TD] [/TD] [/TR] [TR] [TD]Total Labour Costs
[/TD] [/TD] [TD] [/TD] [TD] [TD] [/TD] [TD] [/TD] [TD] [/TD] [/TR] [TR] [TD]Q4 2022
[/TD] [TD]134,14
[/TD] [TD]122.46
[/TD] [TD] [/TD] [TD]3.8
[/TD] [TD]0.6
[/TD] [/TR] [TR] [TD]3rd Quarter 2022
[/TD] [TD]126.01
[/TD] [TD]121,74
[/TD] [TD] [/TD] [TD]5.1
[/TD] [TD]0.1
[/TD] [/TD] [/TR] [TR] [TD]4th Quarter 2021
[/TD] [TD]129,27
[/TD] [TD]116.38
[/TD] [TD] [/TD] [TD]2.1
[/TD] [TD]1,5
[/TD] [/TD] [/TR] [TR] [TD][/TD] [TD] [/TD] [TD] [/TD] [TD] [/TD] [TD] [/TD] [TD] [/TD] [/TR] [TR] [TD]
Wages and Daily Wages
[/TD] [/TD] [TD] [/TD] [TD] [/TD] [TD] [/TD] [TD] [/TD] [/TR] [TR] [TD]4th Quarter 2022
[/TD] [TD]130,31
[/TD] [TD]119,24
[/TD] [TD] [/TD] [TD]3.7
[/TD] [TD]0.8
[/TD] [/TD] [/TR] [TR] [TD]3rd Quarter 2022
[/TD] [TD]121,86
[/TD] [TD]118.33
[/TD] [TD] [/TD] [TD]5,1
[/TD] [TD]0,1
[/TD] [/TD] [/TR] [TR] [TD]4th Quarter 2021
[/TD] [TD]125,67
[/TD] [TD]113,55
[/TD] [TD] [/TD] [TD]2,3
[/TD] [TD]2,5
[/TD] [/TD] [/TR] [TR] [TD][/TD] [TD] [/TD] [TD] [/TD] [TD] [/TD] [TD] [/TD] [TD] [/TD] [/TR] [TR] [TD]
Non-wage costs
[/TD] [TD] [/TD] [TD] [/TD] [TD] [/TD] [TD] [/TD] [/TR] [TR] [TD]Q4 2022
[/TD] [TD]154,48
[/TD] [TD]139.55
[/TD] [TD] [/TD] [TD]4,1
[/TD] [TD]-0.2
[/TD] [/TD] [/TR] [TR] [TD]3rd Quarter 2022
[/TD] [TD]148.01
[/TD] [TD]139.84
[/TD] [TD] [/TD] [TD]4.8
[/TD] [TD]0,0
[/TD] [/TR] [TR] [TD]4th Quarter 2021
[/TD] [TD]148.34
[/TD] [TD]131,35
[/TD] [TD] [/TD] [TD]0.8
[/TD] [TD]-2.6
[/TD] [/TD] [/TR]
Note: 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 Commission Regulation (EC) No 1216/2003 implementing Regulation (EC) No 450/2003 of the European Parliament and of the Council as regards 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 File 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, Welfare 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 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 employers' 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.
In addition to changes in 'wages and salaries' and 'non-wage costs', the Labour Cost Index (total costs) also reflects the change in working hours. Note that, to calculate the change, weights (total labour costs) referring to the previous year are used.
Data availability
The Index is published in the online database of the Statistical Office CYSTAT-DB. Data are available from the first quarter of 2000 with the base year 2016.
For more information:
Statistical Service Portal, under Labour Costs and Earnings
CYSTAT-DB (Database)
Contact
Fani Lagoux: Tel. PO Box: plagou@cystat.mof.gov.cy
(MGE/EXP)
Contents of this article including associated images are belongs PIO
Views & opinions expressed are those of the author and/or PIO
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