The wage rate index increased by 0.3% or 0.4 point to reach 123.9 in second quarter 2024 from 123.5 in first quarter 2024. Compared to second quarter 2023, the index increased by 11.5% or 12.8 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 0.6% or 0.7 points from 115.8 in first quarter 2024 to 115.1 in second quarter 2024. Compared to second quarter 2023, an increase of 7.4% or 7.9 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, decreased by 0.3% or 0.4 point from 117.5 in first quarter 2024 to 117.1 in second quarter 2024. Compared to second 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 0.7% or 0.9 point from 128.4 in first quarter 2024 to 129.3 in second quarter 2024. Compared to second quarter 2023, it increased by 14.0% or 15.9 points.
