In December 2023, the Nominal Remuneration Indices (IR) and the Labor Cost Indices (ICMO) registered a twelve-month increase of 7.7% and 7.4%, respectively.
By economic sector, Commerce, Manufacturing Industry and Financial and Insurance Activities, recorded the highest positive annual incidences in both indicators, according to what was reported by the National Institute of Statistics (INE).
The Real Remuneration Index – which measures the evolution of remunerations adjusted by the monthly variation of the Consumer Price Index (CPI) – accumulated a variation of 3.6% during 2023.
The average remuneration per ordinary hour stood at $6,667, recording a year-on-year increase of 8.3%. For women, the value reached $6,341, which meant an annual variation of 8.5%, while for men it stood at $6,949, registering an increase of 8.1% in the same period.
Large companies presented the greatest year-on-year increases: 7.9% in the IR and 7.4% in the ICMO, followed by small companies (7.5% in the IR and 7.6% in the ICMO) and medium-sized companies ( 7.2% in the IR and 7.0% in the ICMO).
According to occupational group, Professionals presented the highest interannual positive incidence in the IR and in the ICMO, with 2,063 percentage points (pp.) and 1,930 pp., respectively, followed by Administrative Support Workers (1,116 pp. in the IR and 1,101 pp. . in the ICMO), Technicians (1,080 pp. in the IR and 1,076 pp. in the ICMO), and Directors and Managers (0.825 pp. in the IR and 0.758 pp. in the ICMO).
The average cost of labor per total hour was $7,680, recording a growth of 8.1% in twelve months. This value stood at $7,282 for women, with an increase of 7.9%; and $8,027 for men, with an increase of 8.2% in the same period.
The gender gap in average remuneration per ordinary hour was -8.7%, while that in average labor cost per total hour was -9.3%.
By sectors
Commerce was the sector that most influenced the positive twelve-month variation of the IR and ICMO. In this, large companies stood out, followed by small and medium-sized ones. According to occupational group, the most relevant were Salespeople, Administrative Support Workers and Unskilled Workers.
Manufacturing Industry recorded the second greatest positive influence on the twelve-month variation of the IR and ICMO. This dynamic was explained by the increase in large companies, followed by medium and small ones. The occupational groups with the greatest positive influence in the sector were Manual Operators, Technicians, and Unskilled Workers.
Financial and Insurance Activities was the third sector that contributed the most to the interannual variation of IR and ICMO. This dynamism was driven by large companies, followed by small and medium-sized companies. The most relevant occupational groups were Professionals, Directors and Managers, and Administrative Support Workers.
