United Kingdom’s labor cost index in 2021 stood at 131. The index recorded a growth of 3.5% in 2021 compared to the previous year. Between 2010-2021, the index in the United Kingdom increased by 30.8%.
The labor cost index measures change over time in wage and salary cost for employee jobs, unaffected by changes in the quality or quantity of work performed. The labor cost index is represented for all sectors.
It is calculated by dividing the labor costs by the number of hours worked. Labor costs include costs for wages and salaries as well as non-wage costs like employer social contributions. These don't include the cost of vocational education or any other costs, such as those associated with hiring, purchasing work attire, etc.
According to GlobalData, some of the countries with the highest labor cost index in 2021 were Argentina, Ukraine, Uruguay, Turkey, Brazil, Russia, South Africa, Romania, Egypt, and Vietnam.
Ireland, Greece, Cyprus, Japan, Switzerland, Spain, Croatia, Italy, Denmark, and France were some of the countries with the lowest labor cost index in 2021
Some of the countries with the highest growth rate in the labor cost index in 2021 as compared to 2020 include Argentina, Egypt, the Philippines, Lithuania, Russia, India, Brazil, Uruguay, Ukraine, and South Africa.
Countries with the lowest growth rate in the labor cost index in 2021 as compared to 2020 include Ireland, Greece, Singapore, Estonia, Slovenia, Japan, France, Austria, Hong Kong, and Belgium.
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