Tuesday 8/11/20

Salaries in Finland grew by 4.4 per cent in year-on-year

Construction, other services, private health and social work are the sectors that registered the highest raises. The private sector industries registered a greater growth than the public one.

Salaries in Finland grew by 4.4 per cent in year-on-year

According to Statistics Finland’s data, the wages and salaries sum of the whole economy was 4.4 per cent greater in the August to October period than in the corresponding period twelve months earlier. In October, the wages and salaries sum of the whole economy grew by 4.8 per cent from the year before. One year previously in August to October, the wages and salaries sum of the whole economy increased by 2.9 per cent.

The wages and salaries sum grew in all main industries in August to October. The wages and salaries sum grew most in the industries of construction (6.3%), other services (6.2%), private health and social work (4.3%), trade (3.7%) and manufacturing (3.3%). The increase in the wages and salaries sum was most moderate in the industries of financial intermediation (2.8 %) and private education (1.9 %).

Salary wage growth sectors

Growth by 5.3% in the private sector

The growth of wages and salaries was even higher in the private sector, 5.3 per cent greater in August to October than twelve months earlier. The wages and salaries sum of the public sector was 2.9 per cent higher than in the corresponding period one year previously.

Salary wage growth public private sector

In October, the wages and salaries sum in the private sector increased by 5.5 per cent and in the public sector by 3.1 per cent from one year earlier. In August to October one year ago, the wages and salaries sum grew by 4.4 per cent in the private sector and by 0.5 per cent in the public sector from one year back.

The wages and salaries sum refers to the sum total of the gross wages and salaries paid to employees without incentive stock options. The wages and salaries sum is influenced by changes in employment and in the earnings level of wage and salary earners.

Comments