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Fri, 10 Jun, 2016 12:09:55 AM FTimes Report, Jun 10  Year-on-year change in labour costs in the private sector from the corresponding quarter of the previous year. Source: Wages, Salaries and Labour Costs, Statistics Finland. Private sector labour costs went up by 1.5 per cent in January to March 2016 when compared with the respective period of the year before.
Seasonally adjusted labour costs rose by 0.5 per cent in the first quarter, according to the Statistics Finland’s Labour Cost Index.
Labour costs without one-off pay items, such as performance-based bonuses, increased by 1.5 per cent compared to the corresponding period one year ago.
Over the same period, the index of wage and salary earnings for the private sector went up by 1.3 per cent.
In the central government sector, the cost of an hour worked rose by 3.9 per cent in the first quarter when compared with the respective period of the year before.
Labour costs without one-off pay items increased by 3.9 per cent over the same period. Seasonally adjusted labour costs went up by 1.9 per cent.
Over the same period, the index of wage and salary earnings in the central government sector went up by 1.9 per cent.
The rise of the cost of an hour worked in central government was mainly due to the fall in hours worked.
In the local government sector, the cost of an hour worked rose by 2.4 per cent. Labour costs without one-off pay items rose by 2.3 per cent.
Over the same period, the index of wage and salary earnings in the local government sector went up by 1.0 per cent.
Hours worked in the local government sector went down by 4.6 per cent and wages and salaries subject to preliminary withholding tax fell by two per cent from the corresponding period of the previous year as per the Labour Cost Index.
The first quarter of 2016 had one working day less than one year earlier.
The cost per an hour worked in manufacturing industries (B to E) grew by 2.9 per cent, decreased by 0.8 per cent in construction (F), and increased by 1.5 per cent in business service activities (G to N).
In manufacturing industries, the decline in the number of hours worked compared to the corresponding quarter last year sped up the growth in costs.
During the same period, wages and salaries subject to preliminary withholding tax contracted by nearly three per cent, the data of the Labour Cost Index show.
In construction, the growth in hours worked slowed down the rise in costs while wage and salary costs went up by close on one per cent.
Hours worked in business service activities went down faster than wage and salary costs.
In manufacturing industries, the highest growth in the cost of an hour worked was found in the metal industry, 3.4 per cent. The cost of an hour worked without one-off pay items rose by 2.3 per cent in the metal industry. In the forest industry, the cost went up by 3.3 per cent.
The costs went down by 1.8 per cent in the food industry. Among service industries, growth was biggest in transportation and storage, 3.5 per cent. In information and communication activities, the costs went up by 0.5 per cent.
The seasonally adjusted cost of an hour worked in all manufacturing (B to E) went up by 1.3 per cent in January to March 2016 compared with the corresponding period last year.
In construction, the seasonally adjusted cost of an hour worked fell by 0.8 per cent and in business service activities it increased by 1.4 per cent.
In the forest industry, the seasonally adjusted cost of an hour worked went up by 2.3 per cent and in the metal industry by 3.4 per cent in the January to March period of 2016 from the same period of the previous year. In transportation and storage, the costs rose by 3.4 per cent.
The Labour Cost Index measures the change in wage and salary costs calculated per hour worked.
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