Faroe Islands workforce grows as wages reach DKK 14.2 billion

The workforce in the Faroe Islands grew by 1.7 per cent over the past year, while wages rose by 6.1 per cent to DKK 14.2 billion, Kringvarp Føroya reports.

Statistics Faroe Islands counted 31,102 people in the workforce in July, 505 more than in the same month last year. The total included around 16,000 men and 15,000 women.

Male employment growth was four times higher than female employment growth over the year.

People without a residential connection to the Faroe Islands accounted for much of the increase. They made up almost 8 per cent of the workforce in July, or 2,343 people.

One in three workers without a residential connection was employed in the production industry. To have a residential connection, a person must have lived in the Faroe Islands for half of their life or for seven out of 10 consecutive years at some point in their life.

Wages paid over the past 12 months totalled DKK 14.2 billion, an increase of DKK 803 million. Wages rose by 7 per cent for men and 5 per cent for women.

Bottom fishing accounted for nearly one-third of the total wage increase. Men received 62 per cent of all wages and accounted for 68 per cent of the wage growth.