Collective wages up by 6.8 percent in third quarter

Of the three principal sectors, wages in the private business sector grew the fastest in Q3 2024, at 7.3 percent. In the semi-public sector (which consists mainly of collective labour agreements in healthcare) and in the public sector, collective wages increased by 7.1 and 5.4 percent, respectively. Whereas in Q3 2023, the increase was sharpest in the public sector and lowest in the semi-public sector.

Largest increase in wages in real estate activities

The largest increase in collective wages was seen in real estate activities (housing associations) at 12.4 percent in the third quarter of 2024. The accommodation and food services sector was also among the top risers in Q3, at 10.8 percent. Wages in education rose the least at 2.1 percent, but in Q2 2024, they were up by 10.0 percent. This is primarily because the most recent wage increases in the two largest collective labour agreements in education (primary and secondary education) were seen in Q3 2023.

Real wage growth of 3.1 percent

Real collective wage growth, adjusted for inflation, was 3.1 percent in Q3 2024. This increase was less than in the previous three quarters, but still higher than a year ago, when real collective wage growth declined by 1.4 percent. In determining the level of real wage growth, the change in consumer prices is used, which is calculated using the energy prices currently paid by households.