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The personnel costs of the electric equipment manufacturing industry in Turkey increased by 288.6 million euros (+18.5 percent) in 2014 in comparison to the previous year. Therefore, the personnel costs in Turkey reached a peak in 2014 with 1.8 billion euros. Notably, the personnel costs in this industry continuously increased over the last years.
According to Eurostat, cost of personnel are defined as the total remuneration payable by an employer to an employee in return for work during the reference period. It also includes taxes and employees' social security contributions retained by the unit as well as the employer's compulsory and voluntary social contributions. Personnel costs are made up of wages and salaries and employers' social security costs.