The Wage Rate Index increased by 4.2% or 5.2 points to reach 129.1 in third quarter 2024 from 123.9 in second quarter 2024. Compared to third quarter 2023, the index increased by 15.1% or 16.9 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 2.5% or 2.9 points from 115.1 in second quarter 2024 to 118.0 in third quarter 2024. Compared to third quarter 2023, an increase of 10.3% or 11.0 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 2.4% or 2.8 points from 117.1 in second quarter 2024 to 119.9 in third quarter 2024. Compared to third quarter 2023, the index increased by 10.3% or 11.2 points.
The index for the private sector, which accounts for around 54% of the total weight of the Wage Rate Index, increased by 5.2% or 6.7 points from 129.3 in second quarter 2024 to 136.0 in third quarter 2024. Compared to third quarter 2023, it increased by 17.9% or 20.6 points.
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