The wage rate index increased by 1.8% or 2.0 points to reach 114.2 in fourth quarter 2023 from 112.2 in third quarter 2023. Compared to fourth quarter 2022, the index increased by 7.5% or 8.0 points.
The wage rate index for the general government sector, which accounts for around 34% of the total weight of the wage rate index, decreased by 0.4% or 0.4 point from 107.0 in third quarter 2023 to 106.6 in fourth quarter 2023. Compared to fourth quarter 2022, an increase of 3.5% or 3.6 points is noted.
The wage rate index for year 2023, worked out as the average of the quarterly indices, increased by 7.2% or 7.5 points to reach 112.0 in 2023 from 104.5 in 2022.
The index for the general government sector increased by 3.9% or 4.0 points to reach 107.1 in 2023 from 103.1 in 2022 while that of the public sector increased by 5.2% or 5.4 points, from 103.4 in 2022 to 108.8 in 2023.
The index for the private sector for year 2023, worked out to 115.0 compared to 105.3 for year 2022, representing an increase of 9.2% or 9.7 points.
