Financial staff enjoy biggest bounce in income last year

Financial industry workers enjoyed the biggest bounce in income last year on the back of more generous bonus payments.

Figures from the Central Statistics Office (CSO) show average weekly earnings, which include overtime and bonuses, rose in most sectors of the economy in 2014.

Average weekly pay stood at €704.34 at the end of December, up 2.3 per cent on the €688 recorded a year earlier.

The CSO figures show average hourly earnings also rose 1.7 per cent to €22.11 last year, while average weekly paid hours worked was 31.9.

Workers in the financial, insurance and real estate sector saw the biggest increase in weekly earnings, which rose by 9.6 per cent to €1,069.

Average irregular hourly earnings in the sector also saw the largest increase, rising 2.2 per cent on annual basis, reflecting the impact of bonus payments.

However, it should be noted average weekly hours worked in the sector, which would have a strong impact on pay, also rose by 1.2 per cent during the year.

Employees in the professional, scientific and technical sectors saw the biggest annual decline in average pay, which fell 3.6 per cent to €787.51.

However, the fall may reflect the influx of younger workers on lower wage rates rather than a fall-off in pay for individual workers.