According to preliminary data, hourly labour costs (total costs) in Q4 2021 increased by 1.6%, compared to the same quarter of the previous year. In Q3 2021, hourly labour costs increased by 7.8%.
The two components of labour costs, wages and salaries per hour worked and non-wage costs per hour worked, increased by 1.7% and 0.9% respectively, compared to the same quarter last year. In Q3 2021, the annual changes were 4.3% for wages and salaries per hour worked and 26.0% for non-wage costs per hour worked.
Note: Data from Q1 2021 are preliminary.
Hourly labour costs (total costs), adjusted for seasonal variations, decreased by 0.1% compared to the previous quarter. Hourly labor costs, which refers to wages and salaries, adjusted for seasonal variations, increased 1.0%, while hourly non-wage costs, decreased 4.7%.
| 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]
With the corresponding quarter of the previous year
[/TD] [/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 2021
[/TD] [TD]130,63
[/TD] [TD]118.07
[/TD] [TD] [/TD] [TD]1.6
[/TD] [TD]-0.1
[/TD] [/TR] [TR] [TD]3rd Quarter 2021
[/TD] [TD]124.04
[/TD] [TD]118,18
[/TD] [TD] [/TD] [TD]7.8
[/TD] [TD]-1.0
[/TD] [/TD] [/TR] [TR] [TD]4th Quarter 2020
[/TD] [TD]128,57
[/TD] [TD]115.62
[/TD] [TD] [/TD] [TD]3,7
[/TD] [TD]5,3
[/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 2021
[/TD] [TD]126,83
[/TD] [TD]115.41
[/TD] [TD] [/TD] [TD]1.7
[/TD] [TD]1.0
[/TD] [/TR] [TR] [TD]3rd Quarter 2021
[/TD] [TD]119.99
[/TD] [TD]114,29
[/TD] [TD] [/TD] [TD]4.3
[/TD] [TD]-2.9
[/TD] [/TD] [/TR] [TR] [TD]4th Quarter 2020
[/TD] [TD]124,67
[/TD] [TD]112.57
[/TD] [TD] [/TD] [TD]2,7
[/TD] [TD]2,2
[/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 2021
[/TD] [TD]150,75
[/TD] [TD]132.20
[/TD] [TD] [/TD] [TD]0.9
[/TD] [TD]-4.7
[/TD] [/TR] [TR] [TD]3rd Quarter 2021
[/TD] [TD]145,44
[/TD] [TD]138.75
[/TD] [TD] [/TD] [TD]26.0
[/TD] [TD]8.3
[/TD] [/TR] [TR] [TD]4th Quarter 2020
[/TD] [TD]149.36
[/TD] [TD]131,87
[/TD] [TD] [/TD] [TD]8.1
[/TD] [TD]22.5
[/TD] [/TD] [/TR]
Due to rounding of the figures, 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 NPISHs.
All employees registered in the social security services' archives 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 the 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 hours worked. It should be noted that, for the calculation of 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 a base year of 2016.
For more information, interested parties can visit the Statistical Office Portal, under Labour Costs and Earnings CYSTAT-DB (Database) or contact Mrs. Fani Lagoux: tel.plagou@cystat.mof.gov.cy
(EC/IC)
Contents of this article including associated images are belongs PIO
Views & opinions expressed are those of the author and/or PIO
Source
