Wage expenditures
14. Mar 2022
DKK 900 million in wages in February – cautious growth
Wage expenditures were back in the increase in the Autumn of 2020. The trend for February indicates a slowdown of wage expenditures during the past half year, with a slower growth rate than prior to the pandemic.
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DKK 560 million for men - DKK 340 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.
In February 2022, Male employees were paid DKK 560 million, representing a year-on-year increase of DKK 10 million on February 2021. Female employees were paid DKK 341 million, a year-on-year increase of DKK 14 million on February 2021. Thus, men accounted for 62% of the total wage expenditures, compared to 38% paid to women.
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The industrial sectors
The trend indicates that the wage expenditure growth in the ‘governmental and other services’ sector is now at a similar rate as before. In the ‘private services’ sector, the growth rate is on the rise.
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The slowdown for wage expenditures in the ‘construction and other manufacturing’ sector has now come to a halt, following a period of decline since 2020.
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Wages in the past twelve months
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.