Magazine article European Social Policy

Labour Market : Hourly Labour Costs Rise in Eu

Magazine article European Social Policy

Labour Market : Hourly Labour Costs Rise in Eu

Article excerpt

Hourly labour costs in the eurozone rose by 2.6% in the year up to the first quarter of 2011, compared with 1.5% for the previous quarter. In the EU27, the annual rise was 2.7% up to the first quarter of 2011, compared with 1.8% for the previous quarter, according to data published by Eurostat, on 20 June.

The two main components of labour costs are wages and salaries and non-wage costs. Wage and salary costs include direct remunerations, bonuses and allowances paid by an employer in cash or in kind, or through payments to employees' saving schemes. Labour costs other than wages and salaries include the employers' social contributions plus employment taxes. In the eurozone, wages and salaries per hour worked grew by 2.3% in the year up to the first quarter of 2011, and the non-wage component by 3.6%, compared with 1.4% and 1.8%, respectively, for the fourth quarter of 2010. …

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