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Credit crunch affects financial wage levels (Irish Independent)

04 November 2011

IN what may have been a sign of the looming credit crunch, earnings in the financial industry rose only 2.3pc in the third quarter of last year, compared with the same period last year.

Financial services and construction saw the highest pay increases during the boom.

But the third in the Central Statistics Office's new measure of earnings shows banking left behind by the 5.4pc rise in manufacturing earnings.

The preliminary estimates show a 3.6pc fall in earnings in the small mining & quarrying sector and a 3.8pc rise in electricity, gas & water. Together, these produced a 4.8pc increase in industrial earnings.

Managers and professionals did rather better than ordinary staff, in line with recent trends.

Managers and professionals in the financial sector saw a 4.5pc increase in hourly earnings over 3006, according to the CSO preliminary estimates.

This was dwarfed by the 12pc increase enjoyed by their equivalents in electricity and the other utilities.