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Home BUSINESSEarnings up by over 1% in Q3
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Fri, 26 Aug, 2016 01:59:47 AM
FTimes Report, Aug 26

The nominal earnings of wage and salary earners went up by 1.1 per cent in July–September 2016 when compared to the respective period in 2015, according to preliminary data of Statistics Finland.

Wage and salary earners' regular earnings refer to earnings for regular working hours exclusive of performance-based bonuses and other irregularly paid one-off items.

 Wage and salary earners' regular earnings rose by 1.3 per cent in April–June 2016 when compared to the respective period in the year before, the data show.

The increase was 1.3 per cent in the private sector, 2.0 per cent in the central government sector and 1.2 per cent in the local government sector.

The indices of wage and salary earnings and the indices for regular earnings are final until 2015. They are based on the realised earnings development.

The indices for 2016 are preliminary and they are based on estimates of agreement effects and the wage drift.

In 2015, earnings went up most in manufacturing, by 2.1 per cent, but decreased in real estate activities by 0.9 per cent.

The rise in manufacturing was, for example, impacted by a rise in the earnings of monthly wage earners within the wood and metal industries. In these industries, performance-based bonuses increased in 2015.

The index of wage and salary earnings describes the development in the average earnings of full-time wage and salary earners.

 Measured by the index of wage and salary earnings, women's earnings have risen slightly faster than men's in the 2000s as per the statistics.

The figure shows the development of women's, men's and all wage and salary earners’ index of wage and salary earnings.

Women’s index of wage and salary earnings has developed faster and men's more slowly than the index of all wage and salary earners.  

Statistics Finland has since 2013 published the index standardised with the main category of occupation based on the data of the index for regular earnings.

In the index, the shares of the main categories of occupation for each wage and salary earner group are standardised based on the wage and salary sum weights of 2010.

In the private sector, the index standardised with the main category of occupation has developed slightly faster than the index for regular earnings. However, the difference between the indices is not as clear as in the local government sector.

In the local government sector, the development indicates that the rise in average earnings has been boosted by the change in the occupational structure.

In higher occupational groups, wage and salary earners usually have a higher university degree, and in these occupations the earnings level is also higher than average.

An increased share of higher occupational groups within an employment sector boosts the rise in earnings in the sector in question.

In lower occupational groups, the earnings level is lower than the average earnings level. An increased share of these occupational groups within an employment sector slows down the rise in earnings in the sector in question.

The development in the central government sector has been similar to the local government sector. In higher occupational groups, especially the share of professionals among all central government employees has increased in the 2010s.

In lower occupational groups, the share of clerical support workers has decreased.

In the private sector, the share of managers has declined slightly and the share of service and sales workers has increased in the 2010s.

 The fall in the share of managers means the rise in average earnings in the private sector has slowed down. Correspondingly, the increase in the share of service and sales workers has also slowed down the rise in average earnings in the private sector because the earnings level of service and sales workers is lower than the average earnings level in the private sector.

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