1347_not-searchable
/en/arbeid-og-lonn/statistikker/lonnfinans/aar
1347
Bonus drop in financial intermediation
statistikk
2009-11-26T10:00:00.000Z
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 2009

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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Bonus drop in financial intermediation

Average monthly earnings for full-time employees in financial intermediation, excluding overtime, were NOK 47 700 as per 1 September 2009. This was a year-on-year decrease of NOK 1 900, equivalent to 3.8 per cent. The decrease is mainly due to a decline in average monthly bonus payments.

Financial intermediation includes two divisions; monetary and insurance intermediation and other financial intermediation. Basic salary and bonus payments for the latter division can be characterised by a high general level, which is why the bonus drop in 2009 had a higher impact on the reduction in average monthly earnings for the division. Average monthly earnings in other financial intermediation amounted to NOK 57 300, which is 9.5 per cent lower than the year before. In contrast, employees in monetary and insurance intermediation earned NOK 44 400; NOK 200 less than in 2008.

Average basic salary for financial intermediation reveals a growth of 3.1 per cent. The wage level for monetary and insurance intermediation and other financial intermediation was NOK 40 900 and NOK 48 000 respectively in 2009, which equals 3.5 and 3.4 per cent growth.

Monetary and insurance intermediation

The general decline in average monthly bonuses has had the most impact on directors and official managers. Bonuses of managing directors in monetary and insurance intermediation were almost halved from the level of 2008. This led to average monthly earnings of NOK 107 900; 12. 3 per cent lower than the year before. For the group of technicians and associate professionals, which covers the majority of employees in monetary and insurance intermediation, average monthly earnings remained unchanged from the level of NOK 38 700 in 2008.

Average basic salary had a positive development for both occupational groups. Directors and official managers had a growth of 0.6 per cent in average basic salary, while the corresponding growth for technicians and associate professionals was 3.8 per cent.

Annual earnings

Estimated average annual earnings of full-time employees in financial intermediation were NOK 569 900 in 2009. The level of average annual earnings in monetary and insurance intermediation was NOK 530 500, while in other financial intermediation it was NOK 683 600.

Gender

Average monthly earnings for men in financial intermediation amounted to NOK 55 600, while women’s earnings were at the level of NOK 38 400 in 2009. In other words, women earned 69 per cent of men’s wages this year, compared to 65 per cent in 2008. The evening out of wages is mostly due to the drop in bonuses for traditionally male dominated occupational groups.

Publications of wage statistics in 2009 apply a new standard industrial classification (SIC2007). Wage statistics 2008/2009 presented here are thus according to the new standard.

For more information about this, see http://www.ssb.no/vis/english/about_ssb/1gangspubl/art-2009-03-03-01-en.html .

About the statistical basis

The statistics are based on information from a sample of enterprises covering a total of 38 679 full-time employees and 4 592 part-time employees. According to the Norwegian Central Register of Enterprises and Establishments as per September 2009, financial intermediation comprises in total 46 628 employees.

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 presented in the statistics separately. Basic salary for financial intermediation is measured as 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 increases in monthly earnings differs somewhat from that of calculating increases in annual earnings. Monthly earnings are compared at a specific date each year, while changes in annual earnings are measured from one calendar year to the next. The 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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