The Central Bank of Peru published updated labour market indicators showing that the total formal wage bill increased by 6.7% in real terms in January 2025 compared with January 2024, marking a tenth consecutive month of improvement. The bank linked the increase mainly to continued growth in formal employment, with the number of formal jobs up 5% based on electronic payroll data. In the private sector, the formal wage bill expanded by 8.8% year on year in real terms, supported primarily by stronger momentum in services and agriculture. The release defines the wage bill as the product of average income and the total number of formal jobs.
Central Bank of Peru 2025-03-26
Central Bank of Peru reports total formal wage bill rose 6.7% in real terms in January 2025
The Central Bank of Peru reported a 6.7% real-term increase in the total formal wage bill in January 2025 compared to January 2024, marking ten months of consecutive growth. This rise is attributed to a 5% increase in formal employment, with significant contributions from the services and agriculture sectors. The private sector's formal wage bill grew by 8.8% year on year.