The Central Reserve Bank of Peru (BCRP) reported that total formal employment increased by 6.9% year-on-year in May, which represented an increase of 352,000 jobs compared to the similar month of 2021. With this result, 14 months of consecutive growth have been accumulated since the start of the pandemic.
As for the private formal jobsthese continue with the positive advance registered since April 2021, increasing 8.9% year-on-year in May 2022.
According to the monetary entity, the increase in jobs in the formal private sector occurred mainly in the services, trade and agriculture, with interannual growth rates of 11%; 6.8%; and 11.5%, respectively.
For its part, the total wage bill rose by 9.3% in May compared to the same month in 2021, mainly associated with the recovery of jobs.
Finally, the wage bill in the private sector increased by 12.3% year-on-year in the fifth month of the year, driven by the rise in the services and commerce sectors.