Average earnings in the financial sector rose by 11.7 per cent between the second quarter of 2006 and the second quarter of 2007, according to the latest data from the Central Statistics Office (CSO).
Workers in the financial sector now earn on average €32.20 an hour, up from €28.83 at the end of June 2006. Hourly earnings rose at a slower rate in the industrial sector, up 5.9 per cent from €18.54 to €19.63 over the same period. However, industrial earnings dropped by 1.2 per cent from the first quarter to the second quarter of this year.
Earnings in manufacturing were up 6.3 per cent over the 12-month period, while average hourly earnings in mining and quarrying fell by 1.3 per cent. Earnings in electricity, gas and water supply rose by 7.4 per cent.
Regular earnings also showed annual increases in both industrial and financial sectors. Hourly earnings, excluding irregular bonuses, rose by 5 per cent to €18.82 in the industrial sector and by 6.2 per cent to €25.85 in the financial sector from the second quarter of 2006 to the second quarter of this year.
Employment in the financial services sector rose from 78,800 to 84,200 between the end of June 2006 and the end of June 2007.
However, employment in the industrial sector fell from 247,800 to 244,200. This included a fall of 2,500 in the manufacturing sector from 229,900 to 227,400.
Hourly labour costs rose in both the industrial and financial sectors over the 12-month period to the end of June 2007. Labour costs rose by 5.3 per cent in the industrial sector to €23.41 per hour and by 10.3 per cent in the financial sector to €40.59 per hour.
In the second quarter of this year, regular wages and salaries made up 66.9 per cent of total hourly labour costs in the manufacturing sector and 53.4 per cent in the financial sector. Within industry, in the electricity, gas and water supply sector regular wages accounted for 57.2 per cent of total labour costs.
While PRSI represented just over 8 per cent of total labour costs in industry and the financial sector, it was only 4.5 per cent of costs in the electricity, gas and water supply sector.
