Wage expenditures
15. Feb 2022
DKK 820 million in wages in January
The trend for recent wage expenditures, adjusted for seasonal effects and other error components, indicates that wage expenditures were in the increase again in the Autumn of 2020, followed by a period of steady increase up to the present.
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485 million for men and 332 million for women
The graph below shows wage expenditures for both sexes. The semi-transparent lines show paid wages, and the solid lines show the trend.
DKK 485 million was paid to male employees in January 2022, accounting for 59% of the total wage expenditures, and representing a year-on-year increase of DKK 32 million. DKK 332 million was paid to female employees in January 2022, a year-on-year increase of DKK 15 million.
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The industrial sectors
The trend shows that the wage expenditures in the ‘governmental and other services’ sector is now growing at a slower rate than previously, while the ‘private services’ sector is seeing a higher growth rate than previously. Wage expenditures in the ‘construction and other manufacturing’ have now stagnated after having been in the decrease since 2020.
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The table below lists wage expenditures by industrial sector for the past year and compares the figures with the previous 12-month period.
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About wage expenditures
Wage expenditures are subject to tax at source and are paid by companies based in the Faroe Islands. The statistics only covers wages for work done. Other payments and expenditures such as grants and post-employment benefits are not included.
All wage expenditures meeting the above requirements will be counted in regardless of the employee’s nationality.
About the trend
The trend describes the wage expenditure trend by adjusting for seasonal effects and error components in the figures.
About the main industrial sectors
Grouped under the ‘fishery and other natural resources’ sector are the following branches: agriculture, fishing, aquaculture, extraction of raw materials, fish processing and activities not elsewhere indicated.
The ‘construction and other manufacturing’ sector includes: shipyards/machine shops, other manufacturing, construction and energy.
The ‘private services’ sector includes: trade and repair, hotels and restaurants, sea transport, other transport, communications, finance and insurance, business services. household services and organisations, culture, etc.
‘Governmental and other services’ includes: public administration and services (central administration, municipalities, education, health and social work), government institutions and the Ministries of Education and Health.