16. Mar 2020
Wage expenditures on a steady rise
The graph below shows a steady increase in wage expenditures, and this increase does not appear to slow down despite a somewhat slower growth in the number of employees.
The graph below shows wage expenditures for both genders. The semi-transparent lines show paid wages and the solid lines show the trend for both genders. In February, men were paid 65% of the total wages and women 35%, and the gap between the genders continues to grow.
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.
Just under 65% of wage expenditures are paid out in the public and private service sectors, 20% in the ‘fishing and other natural resources’ sector and 15% in the ‘construction and other manufacturing’ sector. The trend shows growth in all industrial sectors.
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.