Current transactions by sectors; National Accounts

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Description topics

Resources

Resources are transactions add to the economic value of sectors.

Compensation of employees

The compensation of employees is the total remuneration, in cash or in kind, payable by an employer to an employee in return for work done by the latter during an accounting period. The compensation of employees is equal to the sum of wages and salaries and employers' social contributions.

Wages and salaries

Wages and salaries are the remunerations an employee receives in return for work done during an accounting period. Wages and salaries include social contributions, income taxes and other payments payable by the employee, including those withheld by the employer and paid directly to social insurance schemes, tax authorities etc. on behalf of the employee. The most important form of wages and salaries is wages in cash (including withheld income taxes and social contributions). Wages in cash are composed of regular gross wages, standard extra allowances (for instance for hazardous work), bonuses, overtime pay, tips and compensation for costs related to employment (for instance refunds of fares to and from work). Bonuses include holiday pay, tantième, gratifications, profit shares and a thirteenth or fourteenth month. Wages in kind occur if an employee benefits from his or her job besides being paid wages. Examples of payment in kind are private use of a company car, free housing, free food, lower interest rates on mortgages, free or cheap use of the company's products or services, and company supplied or subsidized child care.

Property income

Property income is the income receivable by the owner of a financial asset or a tangible non-produced asset in return for providing funds to, or putting the tangible non-produced asset at the deposal of, another institutional unit.

Other investment income

Other investment income consists of:
- investment income attributable to insurance policy holders
- investment income payable on pension entitlements
- investment income attributable to collective investment fund shareholders

Income payable on pension entitlements

In the national accounts collective life insurance and pension provisions are seen as a liability of insurance enterprises and pension funds to pension participants. Therefore, the investment revenues on these provisions are booked as payments from insurance enterprises and pension funds to households.
Subsequently, households pay back these revenues as imputed premiums to insurance companies and pension funds.

Adjustm. change in pension entitlements

Since households are treated in the financial accounts as owners of the pension entitlements an adjustment item is necessary to ensure that any excess of contributions to pension schemes over pension benefits does not affect household savings. This adjustment is equal to the difference between net pension contributions (including imputed contributions) and pension benefits.

Uses

Uses are transactions appear which deduces the economic value of sectors.

Compensation of employees

The compensation of employees is the total remuneration, in cash or in kind, payable by an employer to an employee in return for work done by the latter during an accounting period. The compensation of employees is equal to the sum of wages and salaries and employers' social contributions.

Wages and salaries

Wages and salaries are the remunerations an employee receives in return for work done during an accounting period. Wages and salaries include social contributions, income taxes and other payments payable by the employee, including those withheld by the employer and paid directly to social insurance schemes, tax authorities etc. on behalf of the employee. The most important form of wages and salaries is wages in cash (including withheld income taxes and social contributions). Wages in cash are composed of regular gross wages, standard extra allowances (for instance for hazardous work), bonuses, overtime pay, tips and compensation for costs related to employment (for instance refunds of fares to and from work). Bonuses include holiday pay, tantième, gratifications, profit shares and a thirteenth or fourteenth month. Wages in kind occur if an employee benefits from his or her job besides being paid wages. Examples of payment in kind are private use of a company car, free housing, free food, lower interest rates on mortgages, free or cheap use of the company's products or services, and company supplied or subsidized child care.

Property income

Property income is the income receivable by the owner of a financial asset or a tangible non-produced asset in return for providing funds to, or putting the tangible non-produced asset at the deposal of, another institutional unit.

Other investment income

Other investment income consists of:
- investment income attributable to insurance policy holders
- investment income payable on pension entitlements
- investment income attributable to collective investment fund shareholders

Income payable on pension entitlements

Investment income payable on pension entitlements. Pension entitlements arise from one of two different types of pension schemes. These are defined contribution schemes and defined benefit schemes.
A defined contribution scheme is one where contributions by both employers and employees are invested on behalf of the employees as future pensioners. No other source of funding of pensions is available and no other use is made of the funds. The investment income payable on defined contribution entitlements is equal to the investment income on the funds plus any income earned by renting land or buildings owned by the fund.
The characteristic of a defined benefit scheme is that a formula is used to determine the level of payments to be made to pensioners. This characteristic makes it possible to determine the level of entitlements as the present value of all future payments, calculated using actuarial assumptions about life lengths and economic assumptions about the interest or discount rate. The present value of the entitlements existing at the start of the year increases because the date when the entitlements become payable is one year nearer. This increase is regarded as investment income attributed to the pension holders in the case of defined benefit scheme. The amount of the increase is neither affected by whether the pension scheme actually has sufficient funds to meet all the obligations nor by the type of increase in the funds, whether it is investment income or holding gains, for example.

Adjustm. change in pension entitlements

Since households are treated in the financial accounts as owners of the pension entitlements an adjustment item is necessary to ensure that any excess of contributions to pension schemes over pension benefits does not affect household savings. This adjustment is equal to the difference between net pension contributions (including imputed contributions) and pension benefits.