Accommodation and Food Service Activities have the lower labour cost, according to the results of the Labour Cost Survey (LCS) by the Statistical Service of Cyprus, with reference year 2016. The highest labour cost is recorded in Financial and Insurance Activities sector and Education.
According to the results of the Labour Cost Survey, with reference year 2016, the hourly cost (labour cost per hour worked) for the whole economy (excluding sections Agriculture, Forestry and Fishing, Activities of Households as Employers and Activities of Extraterritorial Organizations and Bodies) is €16,30.
The hourly labour cost by economic activity exhibits large deviations. The lowest hourly labour cost is recorded in the sector of Accommodation and Food Service Activities, at €7,50, followed by €9,00 in the sector of the Administrative and Support Service Activities. The highest is recorded in the Education sector with €33,60, followed by the Financial and Insurance Activities sector with €28,00.
Annual and Monthly Labour Cost
The annual labour cost per employee in full-time units (FTU) without apprentices, in 2016 is €29.373 and the corresponding monthly cost is €2.448. The sector of Accommodation and food service activities has the lowest annual and monthly cost per employee with €15.711 and €1.309 respectively, while Financial and Insurance Activities sector has the highest among the economic activities with €46.968 and €3.914.
Components of Labour Cost
The total labour cost is composed mainly of Wages and Salaries (81%) and Employers’ Social Contributions (18,4%). Vocational Training, Other Expenditures paid by the employer and Taxes paid by the employer, comprise a minor part of the total costs.
Hours Worked and Hours Paid
The average hours actually worked by full-time employees per year range from 1.302 (Education) to 2.167 (Administrative and Support Service Activities). The average paid hours for full-time employees per year range from 1.684 (Education) to 2.330 (Administrative and support service activities).
(Cyprus News Agency)