4.6% rise in number of persons in employment – NSO

During the first quarter of 2024, the Labour Force Survey estimates that total number of persons in employment was 306,571, 4.6 per cent higher when compared to the previous year, the NSO said Thursday.

Labour Status

Labour Force Survey estimates indicated that, during the first quarter, total employment stood at 306,571 accounting for 64.3 per cent of the population aged 15 and over. Unemployed persons stood at 9,301 (1.9 per cent) while inactive persons totalled 161,243 (33.8 per cent). The activity rate for the quarter under review was estimated at 81.3 per cent with the highest rate recorded among persons aged 25 to 54 (91.6 per cent).

The Employed Population

On average, out of every 100 persons aged between 15 and 64 years, 79 were employed. The male employment rate for this age bracket was 84.7 per cent while that for females stood at 72.0 per cent. The largest share of employed persons was recorded among persons aged between 25 and 34 years, for both males and females.

Self-employed persons accounted for 13.8 per cent of all persons with a main job. The majority of employed persons worked on a full-time basis and amounted to 271,309. A further 35,262 had a part-time job as their primary employment. Results show that, on average, full-timers usually worked 40.9 hours while part-timers worked 21.5 hours per week. In the first quarter of 2024, employed persons actually worked 34.1 hours per week, 1.4 hours less when compared to the same quarter of the previous year.

The average monthly basic salary of employees for the first quarter of 2024 was estimated at €1,928. The highest basic salary was recorded in the Financial and insurance activities sector. Average monthly salaries varied from €1,223 among persons employed in elementary occupations to €3,132 among managers.

The Unemployed and Inactive Population

The unemployment rate for the first quarter of 2024 stood at 3.0 per cent. The largest share of unemployed persons was recorded among persons aged 25 to 74 years. Females accounted for 58.7 per cent of total inactive persons and those over 65 years made up the highest share of the inactive. The main reason for inactivity relates to persons reaching retirement age or taking up early retirement (41.7 per cent).

Education Attainment

Forty per cent of persons aged 15 years and over had attained a low level of education. By contrast, 37.0 per cent of the employed had a tertiary level education.