1349_not-searchable
/en/arbeid-og-lonn/statistikker/lonnfinans/aar
1349
Wage increase in financial intermediation
statistikk
2008-11-20T10:00:00.000Z
Labour market and earnings
en
lonnfinans, Earnings in financial services, banking, insurance, financial servicesEarnings and labour costs, Labour market and earnings
false

Earnings in financial services, 1 September 2008

The 2015 wage statistics for all industrial sections and various areas in the public sector will be released collectively on 3 March 2016 in the statistics Earnings of all employees.

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Wage increase in financial intermediation

Average monthly earnings for full-time employees in financial intermediation, overtime not included, were NOK 48 800 per 1 September 2008. This was a year-on-year increase of NOK 4 800, equivalent to 10.8 per cent.

Financial intermediation includes to groups, monetary and insurance intermediation and other financial intermediation. Growth in basic salary and bonus payments for the latter group is usually higher than in monetary and insurance intermediation.

Monetary and insurance intermediation

The main part of employees in monetary and insurance intermediation occupies positions falling under occupational group of technicians and associate professionals. Average basic salary and monthly earnings for this group of employees had an increase corresponding to 6.9 per cent and 8.3 per cent.

In contrast, senior officials and managers had generally a higher increase in earnings. Average monthly earnings for directors and official managers rose from NOK 98 400 to NOK 124 900, mostly due to a high growth in average monthly bonuses.

Annual earnings increased by 9.5 per cent

Average annual earnings of full-time employees in financial intermediation were NOK 574 100 in 2008. The level of average annual earnings in monetary and insurance intermediation was at NOK 523 600, while in other financial intermediation it was at NOK 760 600.

Part-time employees

In order to compare wages of full-time and part-time employees, wages of the last-named are converted to full-time equivalents, i.e. their wages if they were working full-time. As a result monthly earnings of part-time employees increased by 4.9 per cent and amounted to NOK 33 000 per 1 September 2008.

About the statistical basis

The statistics are based on information from a sample of enterprises covering a total of 39 463 full-time employees and 4 758 part-time employees. According to preliminary figures from the National Accounts for the 2n d quarter of 2008, the statistics cover approximately 50 000 employees in financial intermediation.

The term average monthly earnings is the main term in Statistics Norway's wage statistics. Monthly earnings cover basic salaries, variable additional allowances and bonuses. Payment for overtime work is not included, but is present in the statistics separately. Basic salary for financial intermediation is measured per 1. September, while bonuses, variable additional allowances and payment for overtime work are calculated from the annual sum as a monthly average.

The procedure of measuring increase in monthly earnings differs somewhat from that of calculating increase in annual earnings. Monthly earnings are compared at a specific date each year, while change in annual earnings is measured from one calendar year to the next. Calculation of annual earnings is based on information from both the current and previous year, as well as information from wage negotiations. Estimated annual earnings for the current year are preliminary until wage statistics for the following year have been compiled.

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