Pay in financial services is rising at its fastest rate in five years, according to figures published by the Central Statistics Office.
The latest CSO release on employment and earnings in banking, insurance and building societies shows weekly earnings in the sector grew robustly, rising by 4.7 per cent in the second quarter - the fastest quarterly increase since June 2001.
In annual terms, weekly earnings in the sector rose by 7.3 per cent in June, bringing average earnings to €833.45 per week, compared to €796.35 in March and €776.42 in June of 2005.
The average earnings index, which adjusts average weekly earnings for any changes in the number of weeks worked, grew by 6.5 per cent year on year. The lower figure suggests that workers in the sector reacted to earnings growth by working slightly fewer hours.
The latest CSO data also indicate that 1,500 jobs were created between April and June this year. The figures were welcomed by Minister for Enterprise, Trade and Employment, Micheál Martin.
A total of 57,100 persons were working in these sectors at the end of June, representing a 2.7 per cent increase on the previous quarter. Employment in the sector is now 2,000 higher than in June last year and 4,500 higher than in March last year.
Mr Martin said the figures were a positive outlook for the economy. "The availability of highly qualified people, a sound support infrastructure and a highly respected regulatory environment are just some of the reasons that Ireland's reputation as a location for financial services activities continues to grow."
