TVETipedia Glossary

Wage and labour costs

Wage and labour costs may be described through use of three distinct and complementary indicators: average real wages, nominal and real wage rates and/or earnings, average compensation costsThe first two may be viewed from the workers’ standpoint and represent a measure of the levels and trends of their purchasing power and an approximation to their standard of living. The third measure provides an estimate of employers’ expenditure on the employment of labour.

Source:
OECD, Glossary of Statistical Terms, 2008
OECD, Glossary of Statistical Terms, 2008
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The OECD Glossary of Statistical Terms contains a comprehensive set of definitions of the main data items collected by the Organisation. The Glossary also contains definitions of key terminology and concepts and commonly used acronyms.