TÜİK announces! Growth in gross wages in the first quarter lagged behind 2023

The Turkish Statistical Institute has released the 'Labor Input Indices, Q1: January-March, 2024' data. The employment index for the combined industry, construction, and trade-services sectors increased by 3.4 percent in the first quarter of 2024 compared to the same quarter of the previous year. When sub-sectors are examined, the index increased by 0.1 percent in the industry sector, 11.1 percent in the construction sector, and 3.9 percent in the trade-services sectors.

The hours worked index for the combined industry, construction, and trade-services sectors increased by 1.5 percent in the first quarter of 2024 compared to the same quarter of the previous year. When sub-sectors are examined, the index decreased by 1.1 percent in the industry sector, and increased by 10.4 percent in the construction sector and 1.5 percent in the trade-services sectors.

The gross wage-salary index for the combined industry, construction, and trade-services sectors increased by 116.5 percent in the first quarter of 2024 compared to the same quarter of the previous year. When sub-sectors are examined, the index increased by 115.9 percent in the industry sector, 133.3 percent in the construction sector, and 114.8 percent in the trade-services sectors.

On the other hand, the gross wage-salary index for the combined industry, construction, and trade-services sectors increased by 29.9 percent in the first quarter of 2024 compared to the previous quarter. When sub-sectors are examined, the index increased by 28.7 percent in the industry sector, 36.7 percent in the construction sector, and 29.7 percent in the trade-services sectors.

EMPLOYMENT INCREASED

The employment index for the combined industry, construction, and trade-services sectors increased by 0.9 percent in the first quarter of 2024 compared to the previous quarter. When sub-sectors are examined, the index decreased by 0.1 percent in the industry sector, and increased by 2.4 percent in the construction sector and 1.2 percent in the trade-services sectors.

The hours worked index for the combined industry, construction, and trade-services sectors decreased by 1.2 percent in the first quarter of 2024 compared to the previous quarter. When sub-sectors are examined, the index decreased by 2.3 percent in the industry sector, increased by 2.1 percent in the construction sector, and decreased by 1.1 percent in the trade-services sectors.

INCREASED BY 32.5 PERCENT

The hourly labor cost index for the combined industry, construction, and trade-services sectors increased by 32.5 percent in the first quarter of 2024 compared to the previous quarter. When sub-sectors are examined, the index increased by 33 percent in the industry sector, 33.8 percent in the construction sector, and 32.5 percent in the trade-services sectors.

The hourly earnings index for the combined industry, construction, and trade-services sectors increased by 31.4 percent in the first quarter of 2024 compared to the previous quarter. When sub-sectors are examined, the index increased by 31.8 percent in the industry sector, 33.9 percent in the construction sector, and 31.2 percent in the trade-services sectors.

It was observed that the hourly labor cost index for the combined industry, construction, and trade-services sectors increased by 98.3 percent in the first quarter of 2024 compared to the same quarter of the previous year. When sub-sectors are examined, the index increased by 94.2 percent in the industry sector, 106.3 percent in the construction sector, and 101.9 percent in the trade-services sectors.

Non-Earnings Labor Cost: Covers other social security payments such as employer share premium deductions made to social security institutions, and severance and notice pay.

INCREASED BY 113.3 PERCENT

The hourly earnings index for the combined industry, construction, and trade-services sectors increased by 113.3 percent in the first quarter of 2024 compared to the same quarter of the previous year. When sub-sectors are examined, the index increased by 118.4 percent in the industry sector, 111.3 percent in the construction sector, and 111.7 percent in the trade-services sectors.

The hourly non-earnings labor cost index for the combined industry, construction, and trade-services sectors increased by 45.3 percent in the first quarter of 2024 compared to the same quarter of the previous year. When sub-sectors are examined, the index increased by 23.4 percent in the industry sector, 85.4 percent in the construction sector, and 61.8 percent in the trade-services sectors.

News Source: 12punto