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March 01, 2022COMPENSATION OF EMPLOYEES Q4 AND ANNUAL 2021 With Q4 reference results, year-over-year (Q4 2021 vs Q4 2020) and annual (2021 vs. 2020) are showing the rebounds in economic activity from the unprecedented declines observed at the start of the COVID-19 pandemic.
Nova Scotia’s seasonally adjusted employee compensation (wages and salaries + employers’ social contributions) increased 1.3% in the fourth quarter of 2021 to $6.737 billion. The wages and salaries portion of employee compensation increased 1.1% to $5.823 billion in the fourth quarter and employers' social contributions were up 2.0% to $914 million.
Employee compensation in the fourth quarter was up 6.2% in Nova Scotia when compared to the fourth quarter of 2020 with a 6.1% increase in wages and salaries and a 6.6% increase in employers' social contributions.
In December 2021, employee compensation increased 6.8% compared to December 2020, with wages and salaries up 6.6% and employers' social contributions up 7.9%.
Provincial Comparison
In the fourth quarter of 2021, Canada’s employee compensation was up 1.9% from the previous quarter with all provinces except Newfoundland and Labrador registering gains. Quebec posted the largest increase in the final quarter of the year.
In 2021, Nova Scotia's employee compensation rose 7.4% over 2020, with wages and salaries growing 7.3%. For 2021, Canada's employee compensation increased 9.1% compared to 2020. All provinces had increases. The largest percentage increases were in British Columbia and Prince Edward Island. The smallest increases were in Newfoundland and Labrador, Saskatchewan and Alberta.
Nova Scotia's monthly employee compensation has been above pre-COVID February 2020 levels since October 2020. As of December 2021 employee compensation is 7.9% higher than February 2020, with wages and salaries up 7.7% and employers' social contributions up 9.6%.
Compared to February 2020, all provinces had higher compensation of employees in December 2021 with the largest increase in Prince Edward Island, British Columbia and Quebec. Alberta had the smallest growth compared to February 2020.
Nova Scotia Sectors (unadjusted, Q4 2021 vs. Q4 2020)
Comparing the seasonally unadjusted data for Q4 2021 with the same quarter in 2020, total wages and salaries increased 6.5% in Nova Scotia.
Mining and oil and gas extraction was the only sector that reported lower wages and salaries. Agriculture, forestry, fishing and utilities reported double digit growth.
Professional and personal services and information and cultural industries reported higher growth than finance and real estate, wholesale and retail trade, and transportation and storage.
Federal public administration and military wages and salaries were up in Q4 2021 compared to Q4 2020 and there were smaller increases in health care and social assistance and educational services.
Nova Scotia Sectors (2021 vs. 2020)
On an annual basis, Nova Scotia's unadjusted total wages and salaries earned has increased 7.3%. Wages and salaries were higher in all sectors except mining and oil and gas extraction, where wages declined over 2020. Agriculture, forestry fishing, military, and federal public administration reported the largest increases. There was also notable growth in construction, manufacturing, professional and personal services and finance and insurance during 2021.
Note: comparison of wages and salaries by sector rely on data that are neither seasonally adjusted nor adjusted to reflect differences in pay periods from one year to the next. Compensation of employees data includes wage and salaries income that is supported by government subsidy programs including COVID-19 measures such as the Canadian Emergency Wage Subsidy.
Statistics Canada. Table 36-10-0205-01 Wages, salaries and employers' social contributions (x 1,000)
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