Home > Statistics > Wage and salary indices > 2020 > May > Wages and salaries sum fell by 2.9 per cent in March to May year-on-year

Published: 14 July 2020

Wages and salaries sum fell by 2.9 per cent in March to May year-on-year

According to Statistics Finland’s data, the wages and salaries sum of the whole economy was 2.9 per cent lower in March to May than in the corresponding period twelve months earlier. In May, the wages and salaries sum of the whole economy decreased by 7.2 per cent from the year before. One year previously in March to May, the wages and salaries sum of the whole economy increased by 4.4 per cent. The exceptional situation caused by coronavirus had an effect on the development of the wages and salaries sum.

Three months’ year-on-year change in the wages and salaries sum, % (TOL 2008)

In March to May, the wages and salaries sum grew only in financial intermediation, where the growth amounted to 4.2 per cent from one year ago. The wages and salaries sums of other services (-5.3%), trade (-3.5%), private education (-2.8%), manufacturing (-4.8%), private health and social work (-1.5%) and construction (-2.7%) decreased compared with the corresponding period of the year before.

Wages and salaries sum fell by 4.1 per cent in the private sector in March to May from one year ago

The wages and salaries sum in the private sector was 4.1 per cent lower in March to May than twelve months earlier. The wages and salaries sum of the public sector was 0.5 per cent higher than in the corresponding period one year previously. In May, the wages and salaries sum in the private sector decreased by 9.9 per cent and the wages and salaries sum in the public sector increased by 0.3 per cent from one year earlier. In March to May one year ago, the wages and salaries sum grew by 5.1 per cent in the private sector and by 4.0 per cent in the public sector from the year before.

Three months’ year-on-year change in the wages and salaries sum of the whole economy, and the private and the public sector, % (TOL 2008 and S 2012)

The wages and salaries sum refers to the sum total of the gross wages and salaries paid to employees without incentive stock options. The wages and salaries sum is influenced by changes in employment and in the earnings level of wage and salary earners.

Source: Wage and salary indices, Statistics Finland

Inquiries: Heidi Myllylä 029 551 3473, palvelut.suhdanne@stat.fi

Director in charge: Mari Ylä-Jarkko

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Appendix tables

• Appendix table 1. Year-on-year change in the sum of wages and salaries by industry and sector, % (TOL 2008 and S 2012) (14.7.2020)

Figures

• Appendix figure 1. Trends in the sum of wages and salaries by industry (TOL 2008) (14.7.2020)
• Appendix figure 2. Trends in the sum of wages and salaries by sector (S 2012) (14.7.2020)

Revisions in these statistics

• Revisions in these statistics (14.7.2020)

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Updated 14.7.2020