Hourly labour costs rise 7.3%

Cyprus hourly labour costs rose by 7.3% year on year in the third quarter of 2021, following an annual rise of 17.1% in the previous quarter.

According to the Cyprus Statistical Service, the hourly labour costs index rose to 123.47 units from 115.09 units in the same quarter of 2020 and 111.79 in the previous quarter.

The two main components of labour costs, wages & salaries per hour worked and non-wage costs per hour worked, increased by 3.8% and 25.5%, respectively, compared to last year.

In the second quarter, the annual changes were 19.3% for the wages and salaries per hour worked and 7.5% for the non-wage cost per hour worked.

Furthermore, the seasonally adjusted hourly labour cost decreased by 1.3% compared to the previous quarter.

The hourly labour cost that refers to wages and salaries, seasonally adjusted, decreased by 2.9%, while the non-wage cost increased by 6.6%.