NSCB reports faster rise in annual workers’ pay
The annual growth of workers’ average pay in major industries was faster at 4.9 percent year-on-year in the third quarter of 2012 as growth in total compensation and gross revenue outpaced that of employment.
The National Statistical Coordination Board said in a report that the increase in the average pay from July to September was stronger than the 3.5 percent growth observed in the same period of 2011.
However, the third quarter growth in per capita compensation was slower than the 5.9 percent registered in the preceding quarter.
Based on the NSCB’s latest Quarterly Economic Indices report, the transportation and communication sector registered the highest growth in terms of average compensation at 8.5 percent year-on-year.
On the other hand, average pay in the finance sector continued its double-digit drop at 10.1 percent.
The NSCB’s QEI report is used as basis on deciding how much wages should be, as well as for economic forecasting and growth projections.
Apart from the two sectors mentioned, the QEI also covers real estate, manufacturing, electricity and water, trade, private services, mining and quarrying.
The growth in the total compensation per employee index improved along with the total gross revenue index, which revved up by 8.7 percent in the third quarter from 7.5 percent in the same quarter of 2011.
The real estate sector continued to show faster revenue growth, posting 20.1 percent. Finance and trade also showed double-digit revenue growth at 11.8 percent and 10.2 percent, respectively.
Further, growth of the total employment index was faster at 2 percent from 0.5 percent in the same quarter the previous year.
Mining and quarrying surged by 15.2 percent, turning around from the previous year’s decline of 19.9 percent. All other sectors also showed positive numbers.
Moreover, growth of the total compensation index rose to 7.1 percent from the 4.1 percent registered in 2011.
Private services performed best in terms of compensation as it doubled its growth rate to 15.5 percent.
In terms of compensation, only finance and manufacturing showed negative numbers at -8.8 percent and -0.4 percent, respectively.