The labor cost defines the economic effort that the employer must make for the working hours of an employee, which includes salaries, social security contributions, compensation and social benefits, among other costs.
According to the National Institute of Statistics (INE), the average labor cost per worker has increased by 6.3% in the Canary Islands in the last year, and it has done so slightly above the national average, which stood at 6.2%, which has exceeded Extremadura, where it only increased by 5%. Three months ago, the labor cost in the Canary Islands was the lowest in the country.
However, it is still much lower than the Spanish average. The labor cost per worker and month is located in the islands in the 2,468.76 euros, while the average salary of the country reaches 2,897.87 euros, according to the survey related to the first quarter of this year.
The labor cost per effective hour is in the Canary Islands of 17.97 euros, also lower than the national average, which is set at 21.51 euros.
The Canary Islands also concentrates 4.8% of the job vacancies in Spain, with 7,201 of the 149,645 in the entire national territory being counted in the islands.
