herald

Sunday 17 December 2017

Bank salaries cut 25pc

BANK staff in Ireland were hit with an average 25pc reduction in their salaries last year.

The latest salary survey carried out by IrishJobs.ie found that secretaries, engineers and construction workers had their pay packets significantly reduced in new positions.

Benchmark salaries for new employees in most jobs have fallen by as much as 20pc since 2008.

The legal profession was the only one that showed an increase, according to the survey. While salaries for newly qualified solicitors are down about 10pc, there has been a rise in salaries for some experienced legal staff.

Spokeswoman for IrishJobs.ie, Valerie Sorohan, said the survey reflected what was happening in the workplace throughout one of the most challenging markets in recent memory.

"Before 2008, Irish salary rates were rising rapidly, making Ireland less competitive for inward investment," she said. "The reduction in salary rates across the board, as seen in the 2010 salary survey, may work to attract new business investment to Ireland."

A head of treasury's salary has dropped from €180,000 in 2008 to €135,000 in 2010, while a credit analyst's pay is down from €55,000 in 2008 to €42,000 in 2010.

In hotel and catering a general manager who earned up to €140,000 in 2008 now earns around €100,000, while salaries for permanent IT roles are down by as much as 15pc.

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