Thursday 21 September 2017

Salaries rising across the board, but especially in finance sector - CSO

Tom Molloy

SALARIES are rising again across the board but those working in the financial sector are seeing the biggest gains, according to new figures from the Central Statistics Office.

The main reasons for the increase are a slight increase in working hours as well as high salaries.

Preliminary estimates show that average weekly earnings were €704.34 in the last quarter of 2014 which marked a 2.3pc increase on the €688.78 earned in the same quarter a year earlier. Salaries in the third quarter fell compared to the same period a year earlier.

Average hourly earnings were €22.11 in the fourth quarter, a 1.7pc hike over the same period in the previous year.

Hourly labour costs stood at €25.53 in the fourth quarter, a rise of 0.6pc.

Average weekly earnings increased in nine of the 13 sectors tracked by the CSO.

The largest percentage increase was recorded in the financial, insurance and real estate activities sector where weekly salaries soared more than 9pc from €976.15 to €1,069.56.

One reason was a spike in the number of hours worked. Another reason was what the CSO calls “irregular hourly earnings” in the sector also saw the largest increase, rising 2.2pc as banks and other financial services companies began paying bonuses again.

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