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Report: Wages, salaries in Finland increase by 5% year-on-year during Q4

The services industry saw the biggest year-on-year pay rise in late 2021.

File photo. Image: AOP
Yle News

Wages and salaries in Finland were 5.2 percent higher during October to December 2021 compared to the same period in 2020, according to a report published on Monday by Statistics Finland.

The report also revealed that wages and salaries grew across all main sectors of the Finnish economy during the fourth quarter of last year, with the services industry (7.9 percent), private education (5.4 percent) and private health and social work (5.3 percent) seeing the biggest increases.

There were also more modest rises in the trade sector (4.1 percent), financial intermediation (4.2 percent), manufacturing (4.3 percent) and construction (4.4 percent).

The report further noted that there was a noticeable difference between the public and private sectors, with pay for private sector workers increasing by an average of 6 percent year-on-year during Q4, compared to a rise of just 3.5 percent for their public sector counterparts.

The Finnish economy is continuing to recover from the effects of the Covid pandemic, with the OP-Pohjola Financial group predicting in January that Finland could be set for the biggest economic boom since the late 1980s.

Other economic indicators, such as consumer confidence and the employment rate, have also been growing since the beginning of this year. Finland's inflation rate is also increasing, rising by over 3 percent late last year for the first time in nearly a decade.

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