| Explanations of terms | |
|---|---|
| Labour force |
The sum of people who are employed and people who are unemployed. This is also called the currently active population. |
| Unemployed |
Persons not earning income from work, neither as wage earners
nor as self-employed, but who are searching actively for a job and can
start in a new job given two week notice. |
| Employed | Persons earning income from work either as employees or as self-employed. Often expressed in number of persons or in percentage of labour force. Included are persons who are temporarily unemployed with a job to return to. |
| Employees |
Persons working in return for compensation in money. Included in the Faroese figures are persons aged 16-74 living in the Faroe Islands with primary income stemming from paid work, and whose monthly salary exceeds the equivalent of seven hours paid work for an unskilled worker. |
| Wage inflation | Increases in wages often expressed in year-on-year percentages. |
| ISCED |
A classification system for educational qualifications initially adopted by UNESCO (an institution under UN) in 1976 and revised in 1997. The ISCED (International Standard Classification of Education) classification system is widely used around the world. |