Labour Costs Up 2.6 Percent
October 23, 2012 New Zealand Finance
The cost of having employees in New Zealand grew by 2.6 percent during the last year.
On October 19th Statistics New Zealand issued a press release on the national Labour Cost Index, with estimates of the rising cost of paying employees in New Zealand.
According to Statistics New Zealand, the cost of labour rose by 2.6 percent in the 12 months ending June 2012, with a 2.0 percent increase in salary and wage rates, and growth of 5.9 percent in non-wage costs, such as annual leave, statutory holiday costs and, superannuation costs.
The rise in the cost of statutory holidays was 8.4 percent and was due to an increase in the number of holidays during the year, with 9 holidays in 2011 and 11 holidays in 2012.
The cost of employees annual leave rose by 2 percent, in line with the rise in the costs of employee pay.
Employers’ superannuation costs rose by 4.1 percent, as a greater number of employees opted to join the KiwiSaver scheme.
Some labour costs decreased over the 12 months, with a 6.7 percent drop in the costs for workplace accident insurance.
Photo by I’m George