Wage expenditures
14. Jul 2021
Wage expenditures up by 2.8%
The trend for recent wage expenditures, adjusted for seasonal effects and other error components, indicates that after a year with negligible growth, wage expenditures have started to increase again.
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Increase for women and small decrease for men
Just under DKK 3.2 billion was paid out to male employees, and about DKK 2 billion to female employees. This represents a year-on-year increase of 9.3% for women and 0.9% decrease for men.
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The graph below shows the monthly wage expenditures for both sexes. The semi-transparent lines show paid wages, and the solid lines show the trend for both sexes.
The trend indicates continued growth for female employees, while male employees have seen negligible growth over the past 18 months.
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Increase in service industries and decrease in construction and fisheries
Compared to the first half of 2020, wage expenditures went up in the ‘governmental and other services’ (7.8%) and the ‘private services’ (8.5%) sectors. The other two main industrial sectors saw a decrease in wage expenditures, with -3.5% for ‘construction and other manufacturing’ and -8.4% for ‘fishery and other natural resources’.
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The monthly trends indicate that there is still some wage expenditure growth in the ‘governmental and other services’ sector, while the growth in ‘private services’ and ‘construction and other manufacturing’ sector has stagnated.
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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 cover wages for work done. Other payments and expenditures such as grants and post-employment benefits are not included.
About the trend
About the main industrial sectors
The ‘construction and other manufacturing’ sector includes: shipyards/machine shops, other manufacturing, construction, and energy and water supply.
The ‘private services’ sector includes: trade and repair, hotels and restaurants, sea transport, other transport, postal services and communications, finance and insurance, business services. household services, organisations, culture, etc.
‘Governmental and other services’ include: public administration and services (central administration, municipalities, education, health and social work), government institutions and the Ministries of Education and Health.