The Labour Cost Index for year to September 2019 has been published by Stats NZ. Here are the headlines:
- The percentage change for private sector salary and ordinary time wage rates was 2.3% from the same quarter in 2018. This reduces to 1.9% if you exclude minimum wage workers.
- The percentage change for private sector salary and ordinary time wage rates was 3.0% from the same quarter in 2018.
CPI movements for the same period was also up at 1.5%.
Key movements by job classification (public and private sector) were:
- 3.2% Labourers
- 2.3% Technicians & Trades
- 1.8% Professionals
- 1.7% Managers
During this period the minimum wage was increased by 7.3% to $17.70 per hour. Cost of living and matching market rates to be able to attract/retain staff remain the top reasons for pay movements.
Do you have a question?
Please feel free to contact mandy@growhr.co.nz if you would like to know more about how Grow HR can assist you with your remuneration strategies, reviews and benchmarking.