The wage rate index increased by 8.0% or 9.1 points to reach 122.5 in first quarter 2024 from 113.4 in fourth quarter 2023. Compared to first quarter 2023, the index increased by 10.8% or 11.9 points.

The wage rate index for the general government sector, which accounts for around 34% of the total weight of the wage rate index, increased by 8.4% or 9.0 points from 106.6 in fourth quarter 2023 to 115.6 in first quarter 2024. Compared to first quarter 2023, an increase of 7.4% or 8.0 points is noted.

The index for the public sector, which comprises general government and public enterprises and accounting for around 46% of the total weight of the wage rate index, increased by 7.4% or 8.1 points from 109.1 in fourth quarter 2023 to 117.2 in first quarter 2024. Compared to first quarter 2023, the index increased by 7.8% or 8.5 points.

The index for the private sector, which accounts for around 54% of the total weight of the wage rate index, increased by 8.1% or 9.5 points from 117.5 in fourth quarter 2023 to 127.0 in first quarter 2024. Compared to first quarter 2023, it increased by 12.9% or 14.5 points.