Finance industry employees the highest wage earners for past ten years

Money fixed interestNorwegian bank notes, Photo: Norway Today Media

Over the past ten years, the financial industry has had a wage growth of 50%,almost 50% more than employees in the hotel and restaurant industry.

 

In the financial industry, wage growth between 2007 and 2017 has been 50.4%.

An average annual salary last year was 654,800 kroner. By comparison, growth in the hotel and restaurant industry was only 34.6%. On average, employees earned 362,000 kroner last year, according to figures from the Technical Calculating Committee for Income Settlements (TBU).

Researcher, Ådne Cappelen, of Statistics Norway leads TBU, who calculated the salary bill. The link between NHO, LO, and YS enters the final phase with a deadline
at midnight on Saturday.

“There is a tendency that those groups with high wage levels in 2017 have also had the highest wage growth over the past decade,” said Cappelen.

Banks and other financial companies have different types of employees to ten years ago, and are using new technology’’, explained Runa Opdal Kerr, Senior Vice Presiden at Finance Norway.

“The financial industry is undergoing major changes. The industry uses new technology and employs workers with new skills. These are sought after people. Therefore, they are more expensive than the labour that was phased out of the industry’’, she said.

Cappelen explains the low wage growth in the hotel and restaurant industry by drawing attention to the many young people in it, and a large flow of employees. Meanwhile, the world-wide trend of the rich becoming richer and the poor coming poorer continues apace.

 

© NTB Scanpix / #Norway Today

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