Annual change is the relative change of the index in comparison with the corresponding time period one year ago (e.g. annual change of total index of consumer prices, i.e. inflation).
In the base index the price of the calculation period is always compared with the base period. In the base index weights are usually changed less often than yearly, for example, at intervals of five years.
Bonuses and allowances not paid in each pay period are such as performance-based bonuses, holiday bonus and holiday supplement and seniority increments paid in some hourly paid fields. Payment of one-off pay components can also be based on collectively bargained agreements.
Structural statistics on wages and salaries:
Holiday supplement paid for days off not taken is not included in these bonuscomponents in the structural statistics on wages and salaries.
Index of wage and salary earnings:
The index of wage and salary earnings measures the development of earnings from regular working hours regardless of the mode of payment. Components paid on the basis of performance are included in the earnings concept so that they are divided evenly over the whole calendar year. Similarly, bonuses and allowances not paid in each pay period based on collective agreements are evenly divided for the whole year. All these components belonging to the concept of index of wage and salary earnings, such as holiday bonuses are not included in data on wages and salaries used in the calculation of the index, but they are taken into consideration in index calculation only in case changes in their relative share are agreed in collective bargaining. In the index of wage and salary earnings contractual pay increases paid retrospectively are also taken to the quarter when they were earned.
Labour cost survey:
In the concepts of the labour cost survey compensations for termination of an employment relationship belonging to bonuses and allowances not paid in each pay period are included in social costs. Incentive stock options are also these bonus components and belong to the EU's labour cost concept but they are not included in the Finnish labour cost survey.
Labour cost index:
In the labour cost index bonuses and allowances not paid in each pay period also include contractual pay increases paid retrospectively from previous pay periods. The labour cost index also contains incentive stock options according to their exercise value.
Bonuses and allowances not paid in each pay period are not published in the statistics on private sector and local government wages and salaries. These components are not included in the index of regular earnings.
Employer sector describes the structure of the labour market and is determined by the decision-making unit. The classification of employer sectors used in statistics on wages and salaries and in statistics on labour costs is a national adaptation of the Classification of Sectors that is used in economic and social statistics (Classification of Sectors 2000).
The classification used in statistics on wages and salaries has the following structure:
Local government sector
Operating units of municipalities and joint municipal boards, and municipal enterprises
Central government sector
Agencies and institution financed from the State budget
Private enterprises, enterprises with central or local government majority holding and state enterprises
Non-profit corporations, parishes, and organisations and foundations are also included in the private sector in statistics on wages and salaries.
The structure of the classification of sectors used in statistics on labour costs and in the labour cost index is similar to that of the classification used in statistics on wages and salaries.
In the index of wage and salary earnings, non-profit corporations, parishes and organisations form a separate employer sector of their own (Others).
The earnings of an hourly wage earner are mainly based on the hours actually worked. In addition, an hourly wage earner may have earnings for working time not worked. Compensation for hours worked and hours not worked can be paid several times a month. An hourly wage earner is usually a worker. The pay system is determined by the collective labour agreement.
An index is a ratio describing the relative change in a variable (e.g. price, volume or value) compared to a certain base period (e.g. one year). The index point figure for each point in time tells what percentage the given examined variable is of its respective value or volume at the base point in time. The mean of the index point figures for the base period is 100.
Index formula is a mathematical function by means of which an individual key figure describing change is calculated from observation values (e.g. Fischer, Laspeyres and Paasche index formulas).
Monthly wage earners are remunerated for work performed on a monthly basis. Earnings are usually based on one month's working time and tend to stay the same from month to month. Monthly wage earners are normally salaried employees. The pay system is determined in the collective agreement.
Point figure is a change quantity used in price indices, which expresses the price, average price or index of the comparison period relative to the price, average price or index of the base period. The point figure of the base period is usually denoted by the number hundred. For example, if the point figure for a commodity at a certain point in time is 105.3, it means that the price of that commodity has risen by 5.3 per cent from the base period.
Quarterly change refers to the relative change in the index of the quarter compared with the index of the previous quarter. The change is usually expressed in percentages.
Describes what meaning each sub-index (commodity, employee group, etc.) belonging to the index has for total index.