Wage growth in banking and insurance

Insurance employees saw their wages increase 5.3 per cent from September 1996 to September 1997, while wages of bank employees rose 4.9 per cent.

The average total monthly salary for insurance employees increased from NOK 23,686 on 1 September 1996 to NOK 24,946 the year after. The increase was 5.3 per cent, or NOK 1,260. For women in the insurance sector, wages rose from NOK 20,048 to NOK 21,109, or 5.3 per cent. Wages for men increased from NOK 27,119 to NOK 28,325, or 4.4 per cent.

Wage levels in insurance are slightly higher for 1996 than previously published. Some observations in 1996 were excluded because they were not included in 1995. These observations have been incorporated in the data basis for 1996 and 1997.

Compared to 1996, more men and fewer women are employed in insurance. The number of men increased from 4,276 to 4,420 while the number of women declined from 4,036 to 3,890.

For bank employees, the average total monthly salary increased from NOK 20,913 on 1 September 1996 to NOK 21,945 on 1 September 1997, a 4.9 per cent increase. Monthly wages of women rose NOK 827 or 4.4 per cent compared to NOK 1,240 or 5.5 per cent for men.

New Statistics

Wage statistics for employees in banking and insurance at 1 September 1997.
Statistics are published annually in the Official Statistics of Norway (NOS) Wage Statistics. More information: Sigbjørn Strømsnes, tel. +47 62 88 51 69, e-mail: str@ssb.no, Trond Bagaas, tel. +47 62 88 52 27, e-mail: tba@ssb.no, or Knut Håkon Grini, tel. +47 62 88 54 44, e-mail: gri@ssb.no.

Weekly Bulletin issue no. 4, 1998