(Finance) – “Also in the second quarter of 2024, similarly to the two previous quarters, in the private sector the trend growth of contractual wages is higher than that of inflation. The most sustained wage increase is recorded in the industrial sector – due to the increases paid in the main manufacturing sectors – but it is also marked in services, being driven by the economic increases set by the renewals in the credit and insurance sector and in the trade sector. This phase of recovery of wages with respect to inflation should consolidate in the coming months, in light of the closure of further renewals in the services sector. In the public administration, still awaiting the renewals relating to the three-year period 2022-2024, wage growth is instead slowing down and is supported exclusively by the payment of the contractual vacation allowance to employees of non-state administrations”. This was announced by‘Istat In the “Collective agreements and contractual wages” report.
In detail at the end of June 2024, the 41 national collective agreements in force for the economic part, they concern 64.0% of employees – approximately 8.4 million – and correspond to 62.9% of the total salary. During the second quarter of 2024, 4 contracts were received: tanneries, modern organized distribution, agriculture – employees, public establishments. The contracts that, at the end of June 2024, are awaiting renewal amount to 34 and involve approximately 4.7 million employees (36.0% of the total).
The Average Waiting Time for Renewal in June 2024 it is equal to 27.3 months (it was 29.2 in June 2023) for workers with expired contracts and to 9.8 months if calculated on the total number of employees (it was 15.4 in June 2023).
There average hourly wage in the period January-June 2024 is grew by 3.1% compared to the same period in 2023.
The index of contractual hourly wages in June 2024 marks an increase of 1.2% compared to the previous month and of 3.6% compared to June 2023; the trend increase was 4.9% for industrial employees, 3.7% for private services employees and 1.6% for public administration workers.
THE sectors showing the highest trend increases are: wood, paper and printing (+8.5%), credit and insurance (+7.1%) and metalworking sector (+6.4%). The increase is zero for private pharmacies, telecommunications, ministries, police forces, armed forces and firefighters’ activities.