Cyprus hourly labor costs (total 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, the Statistical Service of Cyprus (Cystat) said on Thursday.
According to preliminary data published by Cystat, the hourly labor costs index rose to 123.47 units compared with 115.09 units in the corresponding quarter of 2020 and 111.79 units in the previous quarter of this year.
The two main components of labor costs, that is, wages & salaries per hour worked and non-wage costs per hour worked, increased by 3.8% and 25.5% respectively, compared with the same quarter of the previous year. In the 2nd quarter of 2021, 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 labor cost (total cost) decreased by 1.3% compared to the previous quarter. The hourly labor cost that refers to wages and salaries, seasonally adjusted, decreased by 2.9%, while the non-wage cost increased by 6.6%, Cystat added.