Average earnings in the financial sector fell by 11 per cent during the first three months of the year, according to new figures from the Central Statistics Office (CSO).
Hourly earnings for workers in the sector declined from €34.17 to €30.37 in the first quarter due to a 65.1 per cent decline in bonuses over the 12 months to the end of March 2009.
When bonuses are excluded, earnings rose 5.4 per cent from €26.17 to €27.58.
In the industrial sector, hourly earnings increased 5.9 per cent from €30.82 to €22.05 while earnings excluding bonuses rose 6.5 per cent to €20.54 year-on-year.
Over the 12 months period to the end of March hourly labour costs in the industrial sector rose 9 per cent from €24.99 to €27.24 per hour. However, in the financial sector, costs were down 9 per cent to €38.57 per hour.
The figures reveal that 2,800 industrial workers - or 1.3% of the total - were on the national minimum wage in the first quarter, down by 1.9 per cent or 4,400 for the same three-month period a year earlier.
:quality(70)/s3.amazonaws.com/arc-authors/irishtimes/016623f1-a68b-427c-b57b-ea9950f2c2e4.png)