2023-06-09 13:59:31
The cost per hour worked increased by 4.3% in the first quarter of the year compared to the same period in 2022, which represents the largest increase since the second quarter of 2020 after the appearance of the covid pandemic. The data from the Harmonized Labor Cost Index published this Friday by the National Statistics Institute (INE) also show that if seasonal and calendar effects are eliminated, the cost per hour rises by 4.1%.
The rise registered between January and March is five tenths higher than that of the immediately preceding quarter and, with it, there are already seven consecutive quarters of increases in the cost of labor.
By components, the salary cost increased by 4.1% in the first quarter of the year in relation to the same quarter of 2022, while other costs rose by 4.9%. Labor cost, excluding extraordinary payments and arrears, grew by 4.2% year-on-year in the first tranche of 2023.
The activities that register the highest annual increases in labor cost (which includes wages, social security contributions, compensation and other costs) in the first quarter are Extractive industries (9.9%), Supply of electricity, gas, steam and air conditioning (9.2%) and Information and communications (7.1%).
For its part, the cost decreased in Financial and insurance activities (–5.5%), it is the only sector where it fell, and registered the smallest increases in Artistic, recreational and entertainment activities (1.5%) and Education ( 1.8%).
Regarding wages, the supply of electricity, gas, steam and air conditioning led the year-on-year rises in the first quarter of the year, with a rise of 11.5%, followed by commerce (+6.7%) and the information and communications (+6.6%), while the only decline in wages occurred in financial and insurance activities (-5.1%).
As regards other costs, the sections with the highest annual increases are Extractive industries (22.0%), Information and communications (8.5%) and Other services (7.3%). And those with the lowest rates, Financial and insurance activities (–7.3%), Supply of electricity, gas, steam and air conditioning (–0.4%) and Real estate activities (2.0%).
Department store agreement
On the other hand, the Official State Gazette today publishes the new department store agreement, which affects some 220,000 workers, making it the largest agreement in Spain.
This agreement stipulates a salary increase of 17% in four years, which is divided into a fixed increase of 14% and a 3% single payment. By financial year, the increase in 2023 will be 4.5%, another 4.5% in 2024, 3% in 2025 and 2% in 2026.
The agreement between the unions and the Large National Association of Distribution Companies (Anged), which includes companies such as El Corte Inglés, Carrefour and Ikea, was signed three months ago. Now, with its publication in the BOE, companies have two months to pay the arrears corresponding to this year, since the salary increase must be applied from January.
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