Financial sector is the best-paid in Latvia

Compared to the 4th quarter of 2016, in the 4th quarter of 2017 hourly labour costs rose by 54 cents or 7.3 %, reaching EUR 8.02. Seasonally adjusted data show identical changes – rise of 7.3 %, according to data released March 16 by the Central Statistics Bureau (CSB).

Seasonally non-adjusted data show that, compared to the 4th quarter of 2016, in the 4th quarter of 2017 hourly labor costs increased in almost all sectors.

The sharpest rise in hourly labor costs was recorded in water supply; sewerage, waste management and remediation activities (of 11.0 %).

Hourly labor costs are influenced not only by changes in wages, salaries and other labour costs, but also by fluctuations in number of hours worked over the year. In all sectors indicating sharper hourly labor cost rise in the 4th quarter of 2017, greater influence was exerted by the increase in regular wages and salaries and decline in the number of hours worked, the CSB said.

In the 4th quarter of 2017, the highest hourly labor costs were registered in financial and insurance activities sector (EUR 16.37). In contrast the education sector paid just EUR 6.61 per hour.

 

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