Wage costs rise by 4% in the third quarter

Hospitality leads the increases with an increase of 19.1%, while the smallest increase corresponds to Information and communication, with 0.3%

The wage costs of companies increased by 4% in the third quarter of this year compared to the same period in 2021 and amounted to 2,755 euros per employee per month. The main part of labor costs consists of wages, which increase by 4.1% and amount to an average of 2,032 euros per one and a half employees, while social security contributions correspond to 676.24 euros, which increase by 5%, and the rest are compensation, social benefits and others.

The agreed average weekly working day (taking into account both full-time and part-time working hours) is 35.3 hours. Labor costs per effective hour increased by 3% year-on-year, due to a 1% increase in hours worked compared to the same quarter last year.

With data adjusted for the calendar and seasonally adjusted, labor costs are up 1% in the quarterly rate and cost per effective hour is up 0.5%.

The services sector recorded the largest increase in unit labor costs this quarter, while construction recorded the smallest increase. The largest salary increase (4.4%) was in industry, which still has the highest average salary per sector, with 2,326 euros per employee per month compared to 1,991 euros for services and 1,897 for construction.

The growth of wage costs per activity department is higher in the hospitality industry (19.1%), where the wage cost component also recorded the largest increase, at 15.4%. The rise in labor costs continues in the activities hardest hit by the pandemic, such as the hospitality industry.

On the other hand, the smallest increase in labor costs in terms of annual percentage variation occurred in the information and communication sector, at 0.3%, followed by financial activities, at 1.3%, and sanitary activities, at 1, 8%

Source: La Verdad

Ben

I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.