Economy category powered by
Hourly labour costs in Cyprus up by 4.9% in Q1 2024
07:44 - 18 June 2024
Cyprus has reported a 4.9% rise in hourly labour costs (total cost) during the first quarter of 2024 compared to the same period last year, according to data released by CySTAT.
The increase in labour costs is attributed to significant growth in both wages and salaries per hour worked, as well as non-wage costs per hour worked. Specifically, wages and salaries saw a 4.5% increase, while non-wage costs increased by 6.5% compared to the corresponding quarter of the previous year.
The hourly labour cost (total cost), seasonally adjusted, increased by 1.4% compared to the previous quarter. The hourly labour cost that refers to wages and salaries, seasonally adjusted, increased by 1.1% and the non-wage cost, seasonally adjusted, increased by 2.6%.
(Source: CNA)
News Feed
3 hours, 37 minutes ago People
Dr Krisztina Lakos on expanding Cyprus and Hungary's ties - and the EU's need to boost competitiveness1 day, 3 hours ago Companies
CCCI and Israeli stakeholders explore potential for further cooperation (pics)1 day, 3 hours ago People
Athena Shipilli Tsingi: Life and health insurance sector will continue its upward trajectory in 20251 day, 3 hours ago People
The Head Chef at La Petite Maison (LPM) Limassol reveals the restaurant’s philosophy and signature dishes1 day, 20 hours ago Companies
University of Cyprus earns position in World University Rankings1 day, 21 hours ago Companies
La Petite Maison and Acqua Di Parma announce Valentine’s Day collaboration1 day, 22 hours ago Companies
CUT listed among world’s most sustainable universities