Wage expenditures
15. Mar 2021
Wage expenditure growth almost at a standstill
The trend shows that the recent wage expenditure has almost come to a halt.
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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 548 million was paid to male employees in February 2021, which is DKK 35 million less than in February 2020. Female employees were paid DKK 327 million, which is DKK 18 million more than in February 2020.
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The graph below shows wage expenditures in the four main industrial sectors. The semi-transparent lines show paid wages, and the solid lines show the trend for the industrial sectors.
There is still some wage expenditure growth in the ‘governmental and other services’ and the ‘private services’ sectors, but the growth in the ‘construction and other manufacturing’ and the ‘fishery and other natural resources’ has stagnated.
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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.