New pay deals in NL average an inflation-busting 6.1%

Pay deals agreed in the third quarter of this year resulted in an average salary increase of 6.1%, when compared with the same period in 2022.

Corrected for inflation, the increase was 3.4%, which is the highest rise this century, national statistics agency CBS said.

Wages had been going down when offset against inflation. In the first quarter, for example, pay rises averaged 5% but inflation at the time was 6%, the CBS said.

Inflation fell sharply in September to 0.2%, as energy prices plunged and new methods of calculation came into effect.

The biggest pay rise was for teachers, whose salaries are going up almost 9%. The lowest increase – for people active in renting and selling real estate – was 2.5%.