Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Strong annual wage growth recorded

5 February 2008

Strong annual wage growth recorded

The Labour Cost Index (LCI) recorded an increase of 3.4 percent in salary and wage rates (including overtime) in the year to the December 2007 quarter, Statistics New Zealand said today. The Quarterly Employment Survey (QES) results for the same period show the annual increase in total gross earnings exceeded the annual increase in total paid hours. This resulted in a 4.1 percent increase in average total hourly earnings, to $23.32.

In the LCI, the 3.4 percent increase in salary and wage rates (including overtime) is the highest annual increase since the series began in the December 1992 quarter. Salary and wage rates (including overtime) recorded a 3.4 percent increase in the year to the December 2007 quarter for the private sector, while in the public sector they rose 3.1 percent.

Salary and wage rates (including overtime) increased 6.3 percent for the finance and insurance industry in the year to the December 2007 quarter, the largest annual increase since the series began in the June 2001 quarter. Finance and insurance salary and wage rates (including overtime) rose 3.6 percent in the December 2007 quarter. Matching market rates and collective employment agreements coming into effect were the main reasons for the increase this quarter.

Earnings growth was also evident in the QES, where seasonally adjusted total gross earnings increased 7.0 percent in the year to the December 2007 quarter. Employment, as measured by full-time equivalent employees (FTEs), increased 3.3 percent for the year to the December 2007 quarter.

Geoff Bascand

Government Statistician

5 February 2008


ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO:

Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>

ALSO:

Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>

ALSO:

Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>

ALSO:

Split Decision - Appeal Planned: EPA Allows Taranaki Bight Seabed Mine

The Decision-making Committee, appointed by the Board of the Environmental Protection Authority to decide a marine consent application by Trans-Tasman Resources Ltd, has granted consent, subject to conditions, for the company to mine iron sands off the South Taranaki Bight. More>>

ALSO: