Wages and earnings
4.10
There were some signs of an
earnings of manufacturing workers
improvement in the
in real terms as the
recovery of the export sector gathered strength. In the
(8) twelve months ending June 1983, payroll engaged in manufacturing increased by 12% in money terms
or 2% in real terms.
per person
4.11
in the
Over the same period, payroll per person engaged
tertiary services sectors showed on average no
change in real terms,
terms, having risen by only 9% in money terms. Within these sectors, payroll per person engaged
in the finance, insurance, real estate and business
services sector, and in restaurants and hotels increased
by 28 and 1% respectively in real terms; their
corresponding increases in money terms were 12% and 10%.
On the other hand, payroll per person engaged in the wholesale, retail and import/export trades dropped by 1%
in real terms, although it increased by 8% in money
terms. Civil service salaries on average increased by 5%
(9) in money terms, but decreased by 4% in real terms
/ 4.12 Construction
(8) Total payroll is the amount of direct cash payment that employees receive from their employers. It includes wages and salaries, overtime pay, shift allowance, attendance and efficiency bonuses, cost-of-living allowance, food and transportation allowance, year-end and seasonal bonuses, and pay in lieu of leave, etc. Employers' contribution in respect of their employees paid to social security and pension schemes and the benefits received by employees under these schemes are excluded. Profits earned by proprietors and business partners, pensions and payments to outworkers are also excluded. While wage rates provide a measure of the price of labour, payroll per person engaged is a measure of per capita earnings. In the twelve months ending June 1983, average wage rates in manufacturing increased by 8% in money terms, but fell by 1% in real terms.
(9)
To arrive at the 4% decrease in real terms, the average rate of increase in consumer prices during the twelve months ending June 1983, as represented by the Consumer Price Index (A), was used in deflating the nominal increase of 5% in civil salaries in April 1983.
service
29