Labour Cost Index
2021, 4th quarter

Private sector cost of an hour worked increased by 3,9 per
cent in October to December year-on-year
According to Statistics Finland, private sector labour costs increased by 3.9 per cent in October
to December 2021 when compared with the respective period of the year before. Seasonally
adjusted labour costs went up by 3.7 per cent in October to December 2021. In the fourth quarter
of 2021, the number of working days was the same as in the corresponding period of 2020.

Year-on-year change in labour costs in the private sector from the
corresponding quarter of the previous yea

In the private sector, labour costs without one-off pay items, such as performance-based bonuses, increased
by 4.1 per cent in October to December 2021 compared with the corresponding quarter one year ago.

In the central government sector, the cost of an hour worked increased by 2.4 per cent in October to
December 2021 when compared with the respective period of the year before. The year-on-year change
in labour costs without one-off pay items was a 2.4 per cent increase. Seasonally adjusted labour costs
went up by 2.9 per cent.

Quoting is encouraged provided Statistics Finland is acknowledged as the source.Helsinki 11.3.2022

Wages and salaries and Labour
Costs 2021



In the local government sector, the cost of an hour worked increased by 4.3 per cent in October to December
2021 when compared with the respective period of the year before. The year-on-year change in labour
costs without one-off pay items was a 4.4 per cent increase. Seasonally adjusted labour costs went up by
4.1 per cent.

In all sectors, the increase in costs is mainly due to the fact that wages and salaries subject to preliminary
withholding tax increased more than the number of hours worked.

The original series of the labour cost index for 2021 and the seasonally adjusted series are preliminary.

Year-on-year change in labour costs according to industry (TOL 2008) and sector, 4th quarter 2021

Labour costs,
year-on-year change

Industry/SectorCode

Labour costs, seasonally adjustedLabour costs,
without one-off pay items

Labour costs

3,74,13,9Total, private sectorB to S

4,44,84,7ManufacturingB to E

3,33,33,7ConstructionF

3,64,03,9Business service activitiesG to N

2,92,42,4Central governmentJ to R

4,14,44,3Local governmentD to S

Changes by industry
The cost per hour worked went up by 4.7 per cent in manufacturing industries (B to E) in October to
December 2021 compared with the corresponding period last year. In business service activities (G to N),
the costs went up by 3.9 per cent and in construction (F) 3.7 per cent.

In manufacturing industries in the fourth quarter of 2021, the cost per hour worked went up by 6.3 per
cent in the food industry, 5.4 per cent in the metal industry, 5.2 per cent in the forest industry and 1.7 per
cent in the chemical industry. Among service industries, the biggest rise in costs, 6.8 per cent, was in
wholesale and retail trade and the smallest, 0.3 per cent, in financial and insurance activities.

The seasonally adjusted cost of an hour worked went up by 4.4 per cent in manufacturing industries (B
to E). In business service activities (G to N), costs went up by 3.6 per cent and in construction (F) 3.3 per
cent in October to December 2021 compared with the corresponding period last year.

In manufacturing industries, seasonally adjusted cost of an hour worked went up by 5.4 per cent in the
food industry, 5.0 per cent in the metal industry, 4.4 per cent in the forest industry and 1.8 per cent in the
chemical industry in the October to December period of 2021 from the same period of the previous year.
In business service activities, seasonally adjusted costs rose by 6.3 per cent in wholesale and retail trade
and 1.8 per cent in financial and insurance activities.

The Labour Cost Index measures the change in wage and salary costs
calculated per hour worked
The Labour Cost Index measures the change in wage and salary costs calculated per hour worked. Hours
actually worked refer to the working hours an employee has spent on his/her actual duties. Hours worked
include Sunday and overtime work but not paid hours off work, like the hours of annual leaves, national
holidays or paid sickness absences.

In the index, hours worked or the structure of personnel have not been standardised. The cost of an hour
worked is calculated directly as the ratio of industry-specific wages and salaries subject to preliminary

2



withholding tax and social insurance contributions to the hours worked for each quarter. The change in
average labour costs is affected by changes in regular earnings, performance-based bonuses and other
one-off pay components, social insurance contributions, as well as changes in the number of hours worked
and the structure of the labour force.

Starting from the first quarter of 2019, the wages and salaries sum of the labour cost index is based on the
Incomes Register. The wages and salaries sum is used to raise the labour costs reported by the data providers
to the industry level.

3



Contents

Tables
Appendix tables

Appendix table 1. Labour costs, Labour Cost Index 2016=100..................................................................................5

Appendix table 2. Labour costs, percentage changes, Labour Cost Index 2016=100.................................................5

Appendix table 3. Labour costs, excluding one-off items, Labour Cost Index 2016=100..........................................6

Appendix table 4. Labour costs, excluding one-off items, percentage changes, Labour Cost Index 2016=100.........7

Appendix table 5. Seasonally adjusted labour costs, Labour Cost Index 2016=100...................................................8

Appendix table 6. Seasonally adjusted labour costs, percentage changes, Labour Cost Index 2016=100.................9

Appendix table 7. Standard Industrial Classification 2008.......................................................................................10

Revision of data.........................................................................................................................................................11

4



Appendix tables

Appendix table 1. Labour costs, Labour Cost Index 2016=100

Whole
year
2021*

2021/4*2021/3*2021/2*2021/1*Whole
year 2020

2020/42020/32020/22020/1

Standard
Industrial
Classification

Industry
code

105,195,8107,2113,7103,6101,592,2102,9110,4100,3
Total,private
sector

B-S

103,792,1107,3111,4103,999,688,0102,4108,0100,1IndustryB-E

103,792,1107,1111,2104,299,487,8102,2108,099,7ManufacturingC

110,699,4113,4118,7110,7106,193,5109,1116,2105,4Food industry10, 11

102,489,9101,8116,7101,3100,085,498,4115,3100,9Forest industry16, 17

105,789,6106,8116,5110,0102,788,1104,2111,5106,9Chemical industry19-22

100,589,6105,9105,2101,495,785,099,8102,495,7Metal industry24-30

106,998,2110,7113,1105,3103,194,8108,1107,7102,0ConstructionF

106,597,6106,9116,4105,1102,693,9102,0113,2101,3

Services of the
business
economy

G-N

110,3101,0108,6119,9111,7104,494,5104,0116,9102,2
Wholesale and
retail trade

G

103,796,1108,5110,799,4101,492,7105,6110,097,3
Transportation
and storage

H

104,093,7103,1114,8104,599,989,5102,2107,9100,2
Information and
communication

J

104,993,2100,6125,2100,6103,792,995,0126,5100,7

Financial and
insurance
activities

K

104,095,4107,1119,494,1100,993,2101,7116,392,2
TotalState

sector, J-R

106,697,5121,1111,996,0103,293,5117,5109,292,7

TotalLocal
government
sector, D-S

*Preliminary data

Appendix table 2. Labour costs, percentage changes, Labour Cost Index 2016=100

Change
2021/
2020*

2021/4*2021/3*2021/2*2021/1*Change
2020/
2019

2020/42020/32020/22020/1

Standard Industrial
Classification

Industry
code

3,63,94,12,93,30,1-1,20,40,40,7Total,private sectorB-S

4,14,74,83,23,8-0,4-2,4-0,1-1,92,9IndustryB-E

4,34,84,92,94,5-0,4-2,50,1-2,13,1ManufacturingC

4,26,33,92,15,00,6-1,7-1,93,42,2Food industry10, 11

2,45,23,41,30,4-1,6-3,4-0,9-3,92,0Forest industry16, 17

3,01,72,54,53,0-0,7-3,3-0,4-2,73,4Chemical industry19-22

5,05,46,12,85,9-0,7-2,80,8-3,32,9Metal industry24-30

3,63,72,45,03,30,20,20,70,1-0,1ConstructionF

3,83,94,82,83,80,4-0,9-0,12,5-0,1
Services of the
business economy

G-N

5



Change
2021/
2020*

2021/4*2021/3*2021/2*2021/1*Change
2020/
2019

2020/42020/32020/22020/1

5,66,84,52,59,2-1,0-1,6-0,81,4-3,2
Wholesale and
retail trade

G

2,33,72,70,72,2-0,4-3,90,41,00,5
Transportation and
storage

H

4,14,80,96,34,3-0,5-2,30,8-1,10,6
Information and
communication

J

1,10,35,9-1,0-0,12,8-0,52,26,32,1
Financial and
insurance activities

K

3,12,45,32,62,11,80,60,45,20,6
TotalState

sector, J-R

3,34,33,12,43,62,21,13,44,3-0,5

TotalLocal
government
sector, D-S

*Preliminary data

Appendix table 3. Labour costs, excluding one-off items, Labour Cost Index 2016=100

Whole
year
2021*

2021/4*2021/3*2021/2*2021/1*Whole
year 2020

2020/42020/32020/22020/1

Standard
Industrial
Classification

Industry
code

104,699,7108,8107,2102,8101,195,8104,3104,4100,1
Total,private
sector

B-S

104,497,7110,7106,8102,5100,893,2105,9103,7100,6IndustryB-E

104,597,8110,7106,8102,6100,893,1105,8103,8100,6ManufacturingC

109,2103,0113,8111,8108,1104,996,0109,0110,3104,2Food industry10, 11

102,394,8105,7107,9100,9100,390,3102,4106,5101,9Forest industry16, 17

104,695,8110,2108,9103,3102,294,1108,3103,6102,8Chemical industry19-22

103,396,4111,3104,2101,299,091,2104,8101,198,7Metal industry24-30

106,1100,2110,6107,8106,0102,697,0106,4104,3102,9ConstructionF

105,5101,0108,6108,5103,7101,597,1103,3105,4100,1

Services of the
business
economy

G-N

108,7104,6112,2110,9107,3103,998,5106,9108,9101,5
Wholesale and
retail trade

G

103,199,3107,3105,6100,2100,594,7104,1104,898,5
Transportation
and storage

H

103,098,4104,3106,4102,798,493,5102,3100,397,6
Information and
communication

J

105,399,5107,2111,5103,1103,098,9101,4109,1102,7

Financial and
insurance
activities

K

103,899,2110,8107,697,6100,796,9105,4105,195,4
TotalState

sector, J-R

106,2100,7117,3108,198,9102,896,4113,1106,395,3

TotalLocal
government
sector, D-S

*Preliminary data

6



Appendix table 4. Labour costs, excluding one-off items, percentage changes, Labour Cost Index
2016=100

Muutos
2021/
2020*

2021/4*2021/3*2021/2*2021/1*Change
2021/
2020

2020/42020/32020/22020/1

Standard Industrial
Classification

Industry
code

3,54,14,42,82,7-0,3-1,30,10,00,0Total,private sectorB-S

3,54,84,62,91,9-0,6-2,6-0,1-1,62,1IndustryB-E

3,65,04,62,92,0-0,6-2,7-0,1-1,72,3ManufacturingC

4,17,34,41,43,8-0,7-2,7-2,01,10,7Food industry10, 11

2,04,93,21,4-1,0-1,1-3,3-0,5-3,12,6Forest industry16, 17

2,31,71,85,20,5-0,5-3,10,1-2,63,5Chemical industry19-22

4,45,66,23,12,6-0,8-3,20,2-1,81,6Metal industry24-30

3,43,33,93,43,00,30,20,00,30,7ConstructionF

3,94,05,12,93,6-0,1-0,7-0,31,4-0,9
Services of the
business economy

G-N

4,66,34,91,95,7-0,9-1,3-1,31,0-2,0
Wholesale and
retail trade

G

2,64,93,10,81,7-0,7-3,40,30,0-0,1
Transportation and
storage

H

4,65,21,96,15,2-0,7-1,70,2-0,7-0,5
Information and
communication

J

2,30,75,62,30,41,3-0,83,22,20,5
Financial and
insurance activities

K

3,12,45,22,32,30,60,60,31,20,2
TotalState

sector, J-R

3,34,43,71,63,71,30,81,62,10,7

TotalLocal
government
sector, D-S

*Preliminary data

7



Appendix table 5. Seasonally adjusted labour costs, Labour Cost Index 2016=100

Whole
year
2021*

2021/4*2021/3*2021/2*2021/1*Whole
year
2020*

2020/4*2020/3*2020/2*2020/1*

Standard
Industrial
Classification

Industry
code

105,5106,4106,0105,1104,3102,2102,7102,5102,1101,7
Total,private
sector

B-S

104,1104,6104,7103,4103,6100,3100,2100,499,5101,0IndustryB-E

104,1104,5104,6103,1104,1100,1100,0100,399,5100,6ManufacturingC

110,8111,8110,4110,1110,8106,6106,1106,6108,1105,5Food industry10, 11

103,1104,7103,7102,3101,8101,0100,3101,1100,3102,2Forest industry16, 17

106,0104,8106,0106,4107,0103,2102,9103,7102,0104,2
Chemical
industry

19-22

101,0101,2101,899,6101,596,496,496,496,096,9Metal industry24-30

107,2107,3107,3107,7106,7103,8103,9105,2102,8103,2ConstructionF

106,9107,7107,5106,5105,9103,3104,0103,0104,0102,4

Services of the
business
economy

G-N

110,6111,7108,9110,3111,6105,0105,1104,7108,0102,2
Wholesale and
retail trade

G

104,1104,8104,4103,3103,8102,1101,5102,2102,9101,7
Transportation
and storage

H

104,6105,4101,2106,2105,4100,8101,0100,6100,4101,2
Information and
communication

J

105,5106,3106,5105,1104,4104,4104,4104,2105,1104,0

Financial and
insurance
activities

K

104,1104,4105,3104,3102,4101,0101,5100,3101,9100,2
TotalState

sector, J-R

107,3108,6107,5107,0106,0103,9104,3104,4104,7102,3

TotalLocal
government
sector, D-S

*Preliminary data

8



Appendix table 6. Seasonally adjusted labour costs, percentage changes, Labour Cost Index
2016=100

Change
2021/
2020*

2021/4*2021/3*2021/2*2021/1*Change
2020/
2019*

2020/4*2020/3*2020/2*2020/1*

Standard
Industrial
Classification

Industry
code

3,23,73,42,92,60,50,01,10,60,1
Total,private
sector

B-S

3,84,44,33,92,70,0-1,50,4-1,32,5IndustryB-E

4,04,44,43,63,50,0-1,60,6-1,52,8ManufacturingC

3,95,43,51,95,00,9-0,9-1,53,72,2Food industry10, 11

2,14,42,52,0-0,4-0,8-2,4-0,1-2,51,7Forest industry16, 17

2,81,82,24,32,7-0,5-2,30,1-2,42,8Chemical industry19-22

4,75,05,53,84,7-0,3-2,11,3-2,82,7Metal industry24-30

3,33,32,04,83,30,60,91,20,50,0ConstructionF

3,43,64,42,43,40,70,20,62,1-0,1

Services of the
business
economy

G-N

5,46,34,02,19,2-0,6-1,0-0,21,8-3,2
Wholesale and
retail trade

G

2,03,22,10,42,1-0,2-3,31,01,30,4
Transportation
and storage

H

3,74,40,65,84,1-0,2-1,51,7-0,90,1
Information and
communication

J

1,11,82,10,00,42,61,11,84,03,5

Financial and
insurance
activities

K

3,12,94,92,32,21,70,90,64,21,0
TotalState

sector, J-R

3,24,13,02,23,62,21,63,53,50,1

TotalLocal
government
sector, D-S

*Preliminary data

9



Appendix table 7. Standard Industrial Classification 2008

CodeStandard 
Industrial 
Classification

BMining and quarrying

CManufacturing

DElectricity, gas, steam and air conditioning supply

EWater supply; sewerage; water supply; sewerage, waste management and remediation activities

FConstruction

GWholesale and retail trade; repair of motor vehicles and motorcycles

HTransportation and storage

IAccommodation and food service activities

JInformation and communication

KFinancial and insurance activities

LReal estate activities

MProfessional, scientific and technical activities

NAdministrative and supprt service activities

OPublic administration and defence; compulsory social security

PEducation

QHuman health and social work activities

RArts, entertainment and recreation

SOther service activities

10



Revision of data
The data of the statistics have become revised according to the table below. For more information about
data revisions, see Section 3 of the quality description (in Finnish).

Revisions to the Labour Cost Index, year-on-year-change1)

Revision, %-pointsYear-on-year change, %QuarterLabour cost
index 1st releaseLatest release 11.3.2022

-0,31,00,701/2020Private
sector, -0,40,80,402/2020
original
series 0,00,40,403/2020

0,0-1,2-1,204/2020

0,13,23,301/2021

0,52,42,902/2021

-0,14,24,103/2021

0,10,50,601/2020State
sector, 0,05,25,202/2020
original
series 0,00,40,403/2020

0,00,60,604/2020

0,02,12,101/2021

0,12,52,602/2021

-0,15,45,303/2021

-0,3-0,2-0,501/2020Local
government 0,93,44,302/2020
sector,

-0,23,63,403/2020original
series -0,21,31,104/2020

-0,13,73,601/2021

0,02,42,402/2021

0,13,03,103/2021

1st release refers to the point of time when data for the reference period were first published. Revision describes the difference
on annual change percentages between the first and the latest release. The revisions are calculated from rounded numbers.

1)

Revisions to data on annual changes in the seasonally adjusted labour cost index

Revision, %-pointsYear-on-year change, %QuarterLabour cost index

1st releaseLatest release 11.3.2022

-0,91,00,101/2020Private sector, seasonally adjusted series

-0,51,10,602/2020

0,20,91,103/2020

0,6-0,60,004/2020

0,52,12,601/2021

0,72,22,902/2021

0,23,23,403/2021

0,50,51,001/2020State sector, seasonally adjusted series

-0,54,74,202/2020

-0,20,80,603/2020

0,10,80,904/2020

0,22,02,201/2021

0,32,02,302/2021

-0,25,14,903/2021

11



Revision, %-pointsYear-on-year change, %QuarterLabour cost index

1st releaseLatest release 11.3.2022

0,10,00,101/2020Local government sector, seasonally adjusted series

0,62,93,502/2020

-0,33,83,503/2020

-0,21,81,604/2020

0,23,43,601/2021

-0,12,32,202/2021

0,22,83,003/2021

12



Wages and salaries and Labour Costs 2021

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