Wage expenditures
20. Dec 2021
DKK 910 million in wages in November
The trend for recent wage expenditures, adjusted for seasonal effects and other error components, indicates that wage expenditures are now in the increase again after a year with negligible growth, although the growth rate has been declining during the past months.
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Men and women
The graph below shows wage expenditures for both sexes. The semi-transparent lines show paid wages, and the solid lines show the trend for both sexes.
DKK 560 million was paid to male employees in November 2021, accounting for just over 60% of the total wage expenditures. This is DKK 35 million more than in November 2020. Female employees were paid DKK 350 million, which is a year-on-year increase of DKK 15 million.
The trend indicates that wages for male employees are on the increase again after a year of stagnation. The trend shows a continued growth for female employees, albeit at a lower rate than before.
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Industrial sectors
The trend shows that the wage expenditure growth rate in the ‘governmental and other services’ sector is now in declining. The ‘private services’ sector is now seeing a higher growth rate, while wage expenditures in the ‘construction and other manufacturing’ sector are decreasing.
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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.