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


Strong Growth in Salary and Wage Rates

Strong Growth in Salary and Wage Rates

Labour Cost Index (LCI) and Quarterly Employment Survey (QES) figures show strong growth in salary and wage rates, accompanied by continued growth in the demand for labour, according to Statistics New Zealand.

Salary and wage rates (including overtime), as measured by the LCI, rose by 0.8 percent in the September 2003 quarter, the largest rise since the series began in the December 1992 quarter.

This follows a rise of 0.5 percent in the June 2003 quarter. On an annual basis, salary and wage rates (including overtime) were 2.3 percent higher in the September 2003 quarter than in the September 2002 quarter. This follows annual increases of the same size for the March 2003 and June 2003 quarters. Increases in annual wage rates remain at the highest level since the September 1997 quarter. Public sector salary and wage rates (including overtime) rose 1.1 percent in the September 2003 quarter, the largest quarterly rise recorded in this index since the June 1998 quarter.

Annually, public sector salary and wage rates rose 3.0 percent, the largest annual rise since the September 1997 quarter. A large contribution to the rise came from increased salary and wage rates for public sector teaching professionals (up 5.8 percent annually).

Private sector salary and wage rates (including overtime) rose 0.6 percent in the September 2003 quarter and were 2.1 percent higher than in the June 2002 quarter.

The LCI measures changes in salary and wage rates for a fixed quantity and quality of labour input. By comparison, QES average earnings statistics reflect not only changes in pay rates, but also compositional and other changes in the paid workforce.

Quarterly Employment Survey (QES) results for the year to September 2003 show continued growth in business demand for labour and in employee earnings. In the year to September 2003, employment as measured by full-time equivalent employees (FTEs) increased by 2.5 percent, while total paid hours and total gross earnings increased by 2.0 percent and 5.2 percent respectively.

The annual increase in earnings continues to be higher than the increase in paid hours, leading to an increase in average hourly earnings over the past year of 3.1 percent. This annual increase continues the relatively high annual movements recorded in the recent quarters. Brian Pink Government Statistician

© Scoop Media

Business Headlines | Sci-Tech Headlines


Commerce Commission: Latest Broadband Report Confirms Improved Performance Of Premium Fibre Plans

The latest report from the Commerce Commission’s Measuring Broadband New Zealand programme shows that the performance of Fibre Max plans has improved substantially. This follows a collaboration between the Commission, its independent testing partner, ... More>>

Air New Zealand: Capital Raise Deferred

Air New Zealand has decided to defer its planned capital raise to later in 2021 allowing more time to assess the impacts of recent developments on the airline’s path to recovery. 'We’ve seen some clearing of COVID-19 clouds recently, with ... More>>

Commerce Commission: Cartel Conduct Now Punishable By Up To 7 Years’ Jail Time

Cartel conduct can now be punished with a term of imprisonment of up to 7 years, after the Commerce (Criminalisation of Cartels) Amendment Act 2019 came into effect today. Cartel conduct includes price fixing, market allocation and bid rigging (see ... More>>

Stats NZ: Auckland Population May Hit 2 Million In Early 2030s

Auckland’s population may rise from about 1.7 million currently to 2 million by early next decade, Stats NZ said today. “Auckland will likely have the highest average annual growth of New Zealand’s 16 regions over the next 30 years, from ... More>>

Stats NZ: March Card Spending Rebounds Despite COVID

There was a lift in retail card spending in March following a fall in the lockdown-disrupted February month, Stats NZ said today. Seasonally adjusted retail card spending rose by $53 million (0.9 percent), compared with February 2021. Visit our website to read ... More>>

PwC: Outcome Of Review Into Air New Zealand Gas Turbines Business

Air New Zealand has received the report into its Gas Turbines business from independent external advisers PwC. Air New Zealand Chairman Dame Therese Walsh says the report identified a range of effective controls in the Gas Turbines revenue contracting ... More>>

LPG Association: Renewable LPG Achieves Emissions Budgets With No Need To Ban New LPG Connections

Renewable LPG can supply New Zealand’s LPG needs and achieve the emissions reductions proposed by the Climate Commission without the need to ban new connections, a new study shows. The investigation, by leading consultancy Worley, was prepared for the ... More>>