Wages and salaries sum grew in June 2023

Wages and salaries sum grew in all main industries

The working day adjusted wages and salaries sum grew in June 2023 in all main industries compared to June 2022. The working day adjusted wages and salaries sum grew fastest in the industries of private health and social work (11.5%), financial and insurance (7.6%), other services (7.1%) and manufacturing (6.8%). The wages and salaries sum increased more moderately in the industries of private education (5.2%), trade (3.5%) and construction (2.3%).

Content is being loaded

Wages and salaries sum grew by 6.2 per cent year-on-year in the private sector in June

The working day adjusted wages and salaries sum was 6.2 per cent higher in the private sector in June than twelve months earlier. The wages and salaries sum in the public sector was 17.1 per cent higher than in the corresponding period one year previously. In the private sector, the seasonally adjusted wages and salaries sum grew by 1.5 per cent and in the public sector by 9.7 per cent in June from the month before.

The significant growth in the working day adjusted wages and salaries sum in the public sector is mainly caused by the exceptionally high contractual pay increases paid this year in many collective agreement sectors in June. In addition, non-recurring items paid widely this year and the payment of holiday bonuses were in many collective agreement sectors in June.

Content is being loaded

The factors caused by the variation in the number of weekdays are taken into account in adjustment for working days. This means taking into consideration the lengths of months, different weekdays and holidays. In addition, seasonal variation is eliminated from seasonally adjusted series, on account of which it makes sense to compare observations of two successive months as well.