In 2021, the personnel costs of the manufacturing industry in Latvia increased by 229 million euros (+14.14 percent) since 2020. Therefore, the personnel costs in Latvia reached a peak in 2021 with 1.8 billion euros. Notably, the personnel costs in this industry continuously increased over the last years. Personnel costs are made up of wages, salaries and employers' social security costs. They include taxes and employees' social security contributions retained by the employer, as well as the employer's compulsory and voluntary social contributions.
The source adds the following information: Personnel costs are defined as the total remuneration, in cash or in kind, payable by an employer to an employee (regular and temporary employees as well as home workers) in return for work done by the latter during the reference period. Personnel costs also include taxes and employees' social security contributions retained by the unit as well as the employer's compulsory and voluntary social contributions. Personnel costs are made up of wages and salaries and employers' social security costs. Data coverage corresponds to Section C of CE Rev2.
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Eurostat. (March 22, 2024). Annual personnel costs of the manufacturing industry in Latvia from 2012 to 2021 (in million euros) [Graph]. In Statista. Retrieved August 24, 2024, from https://www.statista.com/statistics/422639/personnel-costs-manufacturing-latvia/
Eurostat. "Annual personnel costs of the manufacturing industry in Latvia from 2012 to 2021 (in million euros)." Chart. March 22, 2024. Statista. Accessed August 24, 2024. https://www.statista.com/statistics/422639/personnel-costs-manufacturing-latvia/
Eurostat. (2024). Annual personnel costs of the manufacturing industry in Latvia from 2012 to 2021 (in million euros). Statista. Statista Inc.. Accessed: August 24, 2024. https://www.statista.com/statistics/422639/personnel-costs-manufacturing-latvia/
Eurostat. "Annual Personnel Costs of The Manufacturing Industry in Latvia from 2012 to 2021 (in Million Euros)." Statista, Statista Inc., 22 Mar 2024, https://www.statista.com/statistics/422639/personnel-costs-manufacturing-latvia/
Eurostat, Annual personnel costs of the manufacturing industry in Latvia from 2012 to 2021 (in million euros) Statista, https://www.statista.com/statistics/422639/personnel-costs-manufacturing-latvia/ (last visited August 24, 2024)
Annual personnel costs of the manufacturing industry in Latvia from 2012 to 2021 (in million euros) [Graph], Eurostat, March 22, 2024. [Online]. Available: https://www.statista.com/statistics/422639/personnel-costs-manufacturing-latvia/