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

 


Annual wage rates grow 1.8 percent


Annual wage rates grow 1.8 percent – Media release

Labour cost index (LCI) salary and wage rates, which include overtime, increased 1.8 percent in the year to the December 2012 quarter, Statistics New Zealand said today. This includes a 0.5 percent rise in the December 2012 quarter.

Salary and ordinary time wage rates in the private sector increased 1.9 percent in the year to the December 2012 quarter. Public sector salary and ordinary time wage rates rose 1.5 percent, up from 1.4 percent in the year to the September 2012 quarter. The latest annual wage rate growth in the public sector resulted from increases in the central government sector (up 1.4 percent) and local government (up 1.9 percent).

The mean increase for all surveyed salary and wage rates that rose in the December 2012 quarter was 3.0 percent, compared with 3.1 percent in the September 2012 quarter. The latest mean increase is the lowest since a 3.0 percent increase in the September 2000 quarter. Of all pay rates surveyed, 55 percent showed annual increases in the year to the December 2012 quarter.

Results from the Quarterly Employment Survey (QES), also released today, showed that average hourly earnings for ordinary time (ie excluding overtime) rose 2.6 percent in the year to the December 2012 quarter. This followed a rise of 2.8 percent in the year to the September 2012 quarter.

The QES results also showed that demand for labour and paid hours rose for the December 2012 quarter after adjusting for seasonal fluctuations. The number of filled jobs rose 0.4 percent from the previous quarter. Full-time jobs rose by 0.7 percent while part-time jobs fell 0.6 percent. The overall result of these movements was a 0.4 percent rise in full-time equivalent jobs (FTEs). Seasonally adjusted total paid hours rose 0.6 percent over the same period.

The LCI tracks nearly 6,000 jobs and reflects changes in the rates that employers pay to have the same job done to the same standard. Rises to match the market, retain staff, or reflect the cost of living are shown in the LCI, while rises reflecting individual performance or years of service are filtered out.

The QES surveys approximately 18,000 business locations and reflects New Zealand employers' demand for paid labour. From the survey responses, we estimate the levels and changes in employment, gross earnings, and paid hours in the industries we survey. These estimates are then used to calculate average earnings and paid hours statistics.

ENDS


For more information about these statistics:
• Visit Labour Cost Index (Salary and Wage Rates): December 2012 quarter and Quarterly Employment Survey: December 2012 quarter

• Open the attached files

http://img.scoop.co.nz/media/pdfs/1302/LabourCostIndexSalaryandWageRatesDec12qtr.pdf
http://img.scoop.co.nz/media/pdfs/1302/lciswrDec12tables.xls
http://img.scoop.co.nz/media/pdfs/1302/QuarterlyEmploymentSurveyDec12qtr.pdf

http://img.scoop.co.nz/media/pdfs/1302/qesdec12tables.xls





© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Interest Rates: Wheeler Hikes OCR To 3% On Inflationary Pressures, Eyes Kiwi

Reserve Bank governor Graeme Wheeler lifted the official cash rate for the second time in as many months, saying non-tradable inflationary pressures were "becoming apparent" in an economy that’s picking up pace and he's watching the impact of a strong kiwi dollar on import prices. More>>

ALSO:

Scoop Business: Equity Crowd Funding Carries Risks, High Failure Rate

Equity crowd funding, which became legal in New Zealand this month, comes with a high risk of failure based on figures showing existing forays into social capital have a success rate of less than 50 percent, one new entrant says. More>>

ALSO:

Scoop Business: NZ Migration Rises To 11-Year High In March

The country gained a seasonally adjusted 3,800 net new migrants in March, the most since February 2003, said Statistics New Zealand. A net 400 people left for Australia in March, down from 600 in February, according to seasonally adjusted figures. More>>

ALSO:

Hugh Pavletich: New Zealand’s Bubble Economy Is Vulnerable

The recent Forbes e-edition article by Jesse Colombo assesses the New Zealand economy “ 12 Reasons Why New Zealand's Economic Bubble Will End In Disaster ”, seems to have created quite a stir, creating extensive media coverage in New Zealand. More>>

ALSO:

Thursday Market Close: Genesis Debut Sparks Energy Rally

New Zealand stock rose after shares in the partially privatised Genesis Energy soared as much as 18 percent in its debut listing on the NZX, buoying other listed energy companies in the process. Meridian Energy, MightyRiverPower, Contact Energy and TrustPower paced gains. More>>

ALSO:

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news