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Salary and wage rates increase THE Labour Cost Index (LCI) recorded an increase of 3.2 per cent in salary and wage rates (including overtime) in the year to the June 2007 quarter, Statistics New Zealand has said.Average total hourly earnings, as recorded by the Quarterly Employment Survey (QES), increased 4.2 per cent for the same period. In the LCI, salary and wage rates (including overtime) for the private sector increased 3.2 per cent in the year to the June 2007 quarter. This is the largest annual movement recorded for the private sector since the series began in the December 1992 quarter. Salary and wage rates (including overtime) increased 3.0 per cent for the public sector in the year to the June 2007 quarter. Salary and wage rates (including overtime) increased 5.2 per cent for finance and insurance in the year to the June 2007 quarter, the largest annual increase since the series began in the June 2001 quarter. Finance and insurance salary and wage rates (including overtime) rose 0.8 per cent in the June 2007 quarter. The main reasons given for the increase this quarter were matching market rates and to reflect the cost of living. Continued earnings growth was also evident in the QES, where seasonally adjusted total gross earnings increased 7.0 per cent in the year to the June 2007 quarter. Employment, as measured by full-time equivalent employees (FTEs), increased 2.3 per cent for the June 2007 year. |
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