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Annual Change 5.4%
According to preliminary data, hourly labour costs (total costs) in Q4 2023 increased by 5.4% 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 by 5.6% and 4.6% respectively, compared to the same quarter last year.
Note: Data from Q1 2023 onwards are preliminary.
Hourly labour costs (total costs), adjusted for seasonal variations, increased by 1.2% compared to the previous quarter. Hourly labor costs referring to wages and salaries, adjusted for seasonal variations, increased 1.3% and hourly non-wage costs, adjusted for seasonal variations, increased 0.8%.
| Table |
[TR] [TD] [/TD] [TD]
Index (2020=100)
[/TD] [TD]Change (%)
[/TD] [/TD] [/TR] [TR] [TD]Unadjusted
[/TD] [TD]Seasonally adjusted
[/TD] [/TD] [TD]With the corresponding quarter of the previous year
[/TD] [/TD] [TD]With the previous quarter (seasonally adjusted Index)
[/TD] [/TR] [TR] [TD]Total Labour Costs
[/TD] [/TR] [TR] [TD]4th Quarter 2023
[/TD] [/TD] [TD]127,25
[/TD] [TD]117.65
[/TD] [TD]5.4
[/TD] [TD]1.2
[/TD] [/TR] [TR] [TD]3rd Quarter 2023
[/TD] [TD]119.64
[/TD] [TD]116,23
[/TD] [TD]5.4
[/TD] [TD]0.6
[/TD] [/TD] [/TR] [TR] [TD]4th Quarter 2022
[/TD] [TD]120.70
[/TD] [TD]111.44
[/TD] [TD]3.2
[/TD] [TD]1,4
[/TD] [/TR] [TR] [TD]
Wages and Salaries
[/TD] [/TR] [TR] [TD]4th Quarter 2023
[/TD] [TD]127.52
[/TD] [TD]118.05
[/TD] [TD]5.6
[/TD] [TD]1,3
[/TD] [/TR] [TR] [TD]3rd Quarter 2023
[/TD] [TD]119.08
[/TD] [TD]116.52
[/TD] [TD]5.6
[/TD] [TD]0,6
[/TD] [/TR] [TR] [TD]4th Quarter 2022
[/TD] [TD]120.75
[/TD] [TD]111.61
[/TD] [TD]3.4
[/TD] [TD]1,5
[/TD] [/TR] [TR] [TD]
Non-wage costs
[/TD] [/TR] [TR] [TD]Q4 2023
[/TD] [TD]126,13
[/TD] [TD]115.97
[/TD] [TD]4.6
[/TD] [TD]0.8
[/TD] [/TR] [TR] [TD]3rd Quarter 2023
[/TD] [TD]122,01
[/TD] [TD]115.01
[/TD] [TD]4.6
[/TD] [TD]0.4
[/TD] [/TR] [TR] [TD]4th Quarter 2022
[/TD] [TD]120,53
[/TD] [TD]110,74
[/TD] [TD]2,5
[/TD] [TD]1,2
[/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 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, Welfare and Social Security. Wages above €20,000 per month are also excluded.
Definitions
The Labour Cost Index captures changes in the hourly labour costs incurred by enterprises for employing labour.
The Labour Cost Index is compiled as a "chain-linked Laspeyres cost-index", using a base year (2020 = 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.
(b) 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 hours worked. Note that weighting factors (total labour costs) referring to the previous year are used to calculate the change.
Base year
Data with a base year of 2020 are available quarterly since the first quarter of 2000.
Data with a base year of 2016 are available quarterly from the first quarter of 2000 to the fourth quarter of 2022.
Data revision
Data are revised when there are newer data used to calculate the indicator (labour costs, hours worked, assumptions). Seasonally adjusted data may differ in each publication because when new observations are added the parameters of the model used change. The model is revised on an annual basis.
For more information, interested parties can visit the Statistical Service Portal, under Labour Costs and Earnings, CYSTAT-DB (Database), Methodological Information or contact Ms Fani Lagoux by phone at +35722602115 or by email at plagou@cystat.mof.gov.cy.
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Views & opinions expressed are those of the author and/or PIO
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