Wage expenditures
12. May 2021
Wage expenditures are increasing again
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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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 535 million was paid to male employees in April 2021, which accounts for 60% of the total wage expenditures. This is DKK 17 million more than in April 2020. Female employees were paid DKK 362 million, an increase of DKK 36 million compared to April 2020.
The trend indicates continued growth for female employees. Wages for male employees are increasing again, though at a slower rate than before the Covid pandemic.
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Industrial sectors
The trend shows that there is still some wage expenditure growth in the ‘governmental and other services’ sector, while the growth in the ‘private services’ has slowed down significantly. The growth in the ‘construction and other manufacturing’ sector 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.