Salaried employees in the
financial sector earn EUR2,736 on average
Pro News (14.05.2012 - Katja Palhus / Juhani Artto)
The average salary of financial sector salaried employees is EUR300 below
the average pay of Finnish wage and salary earners.
In October 2011 financial sector salaried employees earned, on average,
EUR2,736. The average pay of the sector's entire personnel was EUR3,771. The
pay level varies according to the nature and levels of the tasks and on the
location. In the Greater Helsinki Region the pay level is higher than
elsewhere in Finland.
"Financial sector tasks demand broad skills and expertise, but the average
salaries of the sector's salaried employees fall around EUR300 below the
average of all wage and salary earners in Finland. And the average for
women in the financial sector lags even further behind the average of all
wage and salary earners",
says Ira Saarnio, a unit manager of the financial sector at the trade union
According to Statistics Finland the average pay in Finland is EUR3,040
In the financial sector pay rose by 2.9 per cent in one year. The rise
was 0.8 per cent for salaried employees, 2.9 per cent for supervisors and
experts and 3.4 per cent for people in leading positions.
Work careers of female and male salaried employees proceed
at differing pace
During the statistical period, women's pay rose more than men's pay among
salaried employees, supervisors and experts. However, women's pay was lower
than men's pay at all task levels. The gap varied from EUR400 to EUR2,100
depending on the task levels.
The gap is partly explained by men tending to work more than women in
demanding jobs and at jobs in the Greater Helsinki Region where the pay
higher than in other regions of the country.
"The pay gap, however, includes some inexplicable elements, which must be
tackled when producing equality plans and pay analysis. Also, skilled
supervisors have a role to play in clarifying the gap", Saarnio states.
Pro's financial sector rank and file members work, for example, as financial
advisors, financial managers and investment experts.
Women benefit when changing tasks
In the Greater Helsinki Region a female salaried employee has a 13 per cent
higher salary than a woman doing identical tasks outside the Greater
Helsinki Region. Among men the corresponding gap is 24 per cent.
To some extent reasons for this gap can be explained by comparing salaries
employees who had and who had not changed tasks during the year.
"One may conclude from the statistics that, among those who have not changed
their tasks, male salaried employees tend to receive pay increases with
greater ease than female
salaried employees. Female salaried employees are likely to get most pay
increases by changing their tasks", Saarnio says.
A third of salaried employees receive results-based bonuses
In 2011, about a third of salaried employees were paid results-based
bonuses. Roughly half of the supervisors and experts and over a half of the
leading positions received results-based bonuses.
Salaried employees working outside of the Greater Helsinki Region were paid
results-based bonuses more often than salaried employees working in the
Greater Helsinki Region. Among people in leading position the situation was
Average results-based bonuses for female salaried employees were EUR38 per
month and for male salaried employees EUR101 per month. Among supervisors
and experts women received results-based bonuses of EUR196 per month
on average and men EUR718.
"Not only the basic employment system but also the results-based bonuses
widen the gender gap, says Antti Hakala, the Director of Pro's financial
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The above data is from the report on the development of earnings in the
financial sector from October 2010 to October 2011. The report was the work
of the statistics task force, made up of representatives of Pro, the trade
union Nordea Unioni Suomi, senior salaried employees union organization YTN
and the employers' Federation of Financial Services FFI.
The report is based on the pay data of 23,000 financial sector employees.
salaried employee jobs belong to the pay categories from 2 to 5.1, the
supervisory and expert jobs to the pay category 5.2.
The Finnish language report is available for Pro's rank and file members on
Pro's web site (työehtosopimukset -> rahoitusala).