March 19, 2021
According to the statistical office of the European Union ( Eurostat), euro area hourly labour cost increased by 3% during the fourth quarter of 2020, while EU hourly labour cost increased by 3.3% when compared to the same quarter of the previous year. It was noted that there was an increase of 1.6% in the euro area and 1.8% in EU during the third quarter of 2020.
The two main components used to determine labour costs are wages & salaries and non-wages cost. The Eurostat noted, in the euro area, the cost of wages & salaries per hour worked increased by 3.5% and the non-wage component by 1.5% in the fourth quarter of 2020, compared to the corresponding quarter last year. Also in the EU, the costs of hourly wages & salaries went up by 3.7% and the non-wage component rose by 1.8% in the fourth quarter of 2020, compared to 2019 fourth quarter.
Furthermore, Eurostat noted, in the third quarter of 2020, the annual changes were an increase of 2.2% for wages & salaries and a decrease of 0.3% for the non-wage component, while in the EU wages & salaries rose by 2.4% and non-wages component remain unchanged.
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