Labor costs in Spain increase by 3.9% in the first quarter, driven by salary and non-salary costs
National Institute of Statistics (INE) has published the results of the Quarterly Labor Cost Survey (ETCL) for the first quarter of 2024, which show an increase of 3.9% in labor costs per worker per month compared to the same period of the previous year. This increase translates into a cost of 3,009.87 euros per worker per month.
Breakdown of the increase:
- Salary cost: The gross salary cost has experienced a growth of 3.7%, standing at 2,206.06 euros per worker per month.
- Other costs: Other costs, which mainly include mandatory Social Security contributions, have increased by 4.2%, reaching 803.81 euros per worker per month. Social Security contributions, for their part, have grown by 4.1%.
Seasonally adjusted data:
If calendar and seasonality effects are eliminated, the labor cost per worker has increased by 3.9% in the annual rate and 1.0% in the quarterly rate.
Labor cost by sectors:
- Biggest increases: Professional, scientific and technical activities; Information and communications.
- Smaller increases: Supply of electricity, gas, steam and air conditioning; Real Estate Activities.
Labor cost by autonomous communities:
- Biggest increases: Extremadura, Balearic Islands, Galicia.
- Smaller increases: Canary Islands, Andalusia, Basque Country.
Vacancies:
The number of vacancies offered by companies stood at 149,962 in the first quarter of 2024, which represents an increase of 317 vacancies compared to the same period of the previous year.
In summary, the INE's Quarterly Labor Cost Survey shows a positive outlook in the Spanish labor market, with an increase in labor costs driven by both wage and non-wage costs. In addition, there is a growth in the number of vacancies offered by companies.
For more information, consult the INE:
PUBLICATION
