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Next Previous Rise 1.6% in hourly labor costs ΑΡΧΙΚ • INSIDER • CYPRUS • 1.6% increase in hourly labor costs
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Annual labor costs (total costs) increased by 1.6% in the 4th quarter of 2021 compared to an annual increase of 7.8% in the previous quarter, according to preliminary data released today by the Statistical Service. < The two components of labor 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 corresponding quarter of last year.
According to the Statistical Service, in the third quarter of 2021, the annual changes were 4.3% for wages and salaries per hour worked and 26.0% for non-wage costs per hour worked .
Adjusted for seasonal fluctuations, hourly labor costs (total costs) decreased by 0.1% compared to the previous quarter.
Hourly labor costs reported wages and salaries, adjusted for seasonal fluctuations, increased by 1.0%, while the hourly non-wage costs, decreased by 4.7%.
According to the Statistical Service, the Labor Cost Index is used as an indicator of inflationary pressures that may arise from developments in the labor market.
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