Cyprus has reported a 4.9% rise in hourly labour costs (total cost) during the first quarter of 2024 compared to the same period last year, according to data released on Monday by the Statistical Service of Cyprus.
The increase in labour costs is attributed to significant growth in both wages and salaries per hour worked, as well as non-wage costs per hour worked. Specifically, wages and salaries saw a 4.5% increase, while non-wage costs increased by 6.5% compared to the corresponding quarter of the previous year.
The hourly labour cost (total cost), seasonally adjusted, increased by 1.4% compared to the previous quarter. The hourly labour cost that refers to wages and salaries, seasonally adjusted, increased by 1.1% and the non-wage cost, seasonally adjusted, increased by 2.6%.
( Source: CNA)
