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

 

Annual wage increase remains at historic high

Embargoed until 10:45am – 5 May 2008


Annual wage increase remains at historic high

The Labour Cost Index (LCI) recorded an increase of 3.4 percent in salary and wage rates (including overtime) for the March 2008 year, Statistics New Zealand said today. This matches the annual increase for the December 2007 year, and is the highest annual increase recorded since the series began in the December 1992 quarter.

The Quarterly Employment Survey (QES) results for the March 2008 year show the annual increase in total gross earnings exceeded the annual increase in total paid hours. This resulted in a 4.6 percent increase in average total hourly earnings, to $23.66.

The LCI increase for the March 2008 quarter was 0.7 percent, down from the previous two increases of 1.1 percent and 0.9 percent in the December 2007 and September 2007 quarters, respectively.

Salary and wage rates (including overtime) for personal and protective service workers increased 5.7 percent for the March 2008 year, the largest annual increase recorded since the series began in the December 1992 quarter. Personal and protective service workers' salary and wage rates (including overtime) rose 1.1 percent in the March 2008 quarter. The main reason for the increase this quarter was to reflect the cost of living, while matching market rates and changes in collective employment agreements also had an impact.

Continued growth in earnings was also evident in the QES, where total gross earnings increased 7.5 percent for the March 2008 year. Employment, as measured by full-time equivalent employees (FTEs), increased 3.2 percent for the March 2008 year.

Geoff Bascand

Government Statistician

5 May 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: