Earnings in financial services, 1 September 2000

About half of full-time employees in monetary intermediation were technicians and associated professionals. This occupational group includes customer consultants and executive officers with an average of NOK 23 500 in monthly earnings, an increase of NOK 1 300 or 5.8 per cent. By comparison, professionals such as advisers and senior consultants had NOK 31 500 in monthly earnings, up NOK 1 700 or 5.9 per cent from 1999. Senior officials and managers in monetary intermediation had NOK 38 700 in monthly earnings, an increase of NOK 2 700 or 7.5 per cent. Full-time clerks such as office clerks and secretaries had NOK 20 300 in monthly earnings, up NOK 1 200 or 6.2 per cent from the year before.

4.1 per cent wage growth in insurance

Full-time employees in insurance had NOK 29 000 in average monthly earnings, an increase of NOK 1 100 or 4.1 per cent from the year before. Senior officials and managers had NOK 42 500 in monthly earnings, up NOK 2 100 or 5.3 per cent. By comparison, professionals had NOK 29 200 in monthly earnings, up NOK 1 100 or 3.8 per cent from 1999. Technicians and associated professionals had NOK 23 100 in monthly earnings, an increase of NOK 900 or 3.9 per cent, while clerks had NOK 21 300, an increase of NOK 600 or 2.9 per cent from the year before.

3.7 wage growth in other financial intermediation

Full-time employees in other financial intermediation had NOK 33 100 in average monthly earnings, an increase of NOK 1 200 or 3.7 per cent from the year before. Here, senior officials and managers had NOK 56 000 in monthly earnings, up NOK 2 500 or 4.6 per cent. Full-time professionals had NOK 37 800, an increase of NOK 1 300 or 3.6 per cent from the year before, while full-time technicians and associated professionals had NOK 31 700, an increase of NOK 1 400 or 4.6 per cent. Full-time clerks had NOK 22 800 in monthly earnings, which is NOK 900 or 4 per cent more than the year before.

Estimated annual earnings

Based on reported wage information as of 1 September, a system has been established for estimating annual earnings. The estimated annual earnings includes agreed salary, variable additional allowances as well as bonuses and commissions, etc., but does not include payment for overtime work. The estimated annual earnings is based on the fact that salary is paid twelve times a year. The estimate includes the figures from two years of wage statistics plus information from completed wage negotiations. The figures for estimated annual earnings this year are preliminary until a new year of wage statistics has been established.

All full-time employees in financial intermediation had in 2000 an estimated average annual earnings of NOK 339 000, an average increase of NOK 16 700 or 5.2 per cent from the year before. The growth in estimated annual earnings in monetary intermediation was NOK 18 000 or 5.7 per cent, from NOK 313 000 in 1999 to NOK 331 000 in 2000. The estimated annual earnings for full-time employees in insurance was NOK 346 000, an increase of NOK 14 500 or 4.4 per cent from 1999, while the estimated annual earnings for full-time employees in other financial intermediation was NOK 390 000, up NOK 17 200 or 4.6 per cent from the year before.

About the statistical basis

The statistics are based on information from a sample of enterprises which cover a total of 30,161 full-time and 5,936 part-time employees. According to the preliminary figures from the national accounts for the 3rd quarter of 2000, the statistics cover approximately 47 400 employed in financial intermediation except pension funds.