Financial Sector Salaries - International Comparison

 
Classification:   The occupations comprising the financial sector are as outlined in ISIC Rev. 3-D and ISIC Rev. 2-3 by the International Standard Industrical Classification of Economic Activities.
 
Methodology:   Unless otherwise indicated, the gross income is obtained from data provided to the International Labour Organization [9] by government agencies (Statistics Canada, the U.S. Bureau of Labor Statistics, Statistics Finland, etc). The compulsory deductions include income tax, municipal tax, provincial/state income tax, social security (pension plan, medicare), compulsory additional insurance, etc. The deductions are representative of single-earner-married-without-child status, and are obtained from income tax calculators [t], social security withholdings, the OECD Tax Database [k], or other sources. Employees include both men and women unless otherwise noted.
 
    
 

Average Salary in the Financial Sector

Country  Net Monthly Income  constant 2005 US$ [a] [d] Notes, Source                                                                               Gross Monthly Sector Income Compulsory Deductions Weekly Hours
 
Korea average income PPP $ 3,842 $ 3,046 Regular employees incl. family allowances and the value of payments in kind, 2005. Establishments with 5 or more regular employees. Korea Ministry of Labour, [9]. 3,699,000 wons 16% 42.7
UK average income PPP $ 3,483 $ 3,528 Full-time employees on adult rates of pay, 2003. Incl. overtime payments. UK Employment Department, [9], [t]. 2,863 pounds 29% 36.3
Switzerland average income PPP $ 3,415 $ 4,865 Standardised monthly earnings (40 hours x 4 1/3 weeks), 2004. Office fédéral de la statistique Suisse, [9]. 9,161 francs 36% 41.0
Spain average income PPP $ 3,410 $ 3,248 Incl. overtime payments and irregular gratuities, 2005. Instituto Nacional de Estadística (INE), [9], [k]. 3,478 euros 25% 35.2
Taiwan average income PPP $ 3,296 $ 1,786 Employees, incl. overtime and bonus, 2005. National Statistics Republic of China, [10]. 65,097 dollars 12% 38.8
Japan average income PPP $ 3,057 $ 3,594 Regular employees, financing and insurance sector, incl. overtime and bonuses, 2005; establishments with 5 or more regular employees; Japan Ministry of Health, Labour, and Welfare, [17], [k]. 500,000 yens 21% 42.1
Singapore average income PPP $ 2,952 $ 2,754 Employees, 2005. Ministry of Manpower, [9], [t]. 5,949 dollars 23% 42.8
Norway average income PPP $ 2,910 $ 4,014 Full-time employees, 2005. Excl. overtime payments. Statistics Norway, [9]. 38,656 kroners 33% 36.6
France average income PPP $ 2,788 $ 2,189 Employees, 2002. Ministère de l'Emploi et de la Formation Professionnelle, [9]. 2,133 euros 0% 37.3
Australia average income PPP $ 2,768 $ 2,717 Full-time adult non-managerial employees, 2004. Australian Bureau of Statistics, [9], [t]. 4,591 dollars 22% 36.2
Austria average income PPP $ 2,712 $ 2,613 Employees, 2003. Austrian Central Statistical Office (ÖSTAT), [9], [t]. 3,454 euros 37% 33.2
Israel average income PPP $ 2,628 $ 2,130 Employees, 2005. Incl. payments subject to income tax. Incl. workers from the Judea, Samaria and Gaza areas. Israel Central Bureau of Statistics, [9], [t]. 13,609 new shekels 30% 37.7
Belgium average income PPP $ 2,590 $ 2,519 Full-time employees, 2003. Institut National de Statistique, [9], [t]. 3,227 euros 35%
Greece average income PPP $ 2,512 $ 1,635 Part-time and full-time employees, 2002. Statistics Greece, [13], [9], [k]. 2,213 euros 28% 39.1
Netherlands average income PPP $ 2,497 $ 3,044 Full-time employees, 2004. Excl. overtime payments. Netherlands Central Bureau voor de Statistiek, [9]. 3,495 euros 32% 37.7
New Zealand average income PPP $ 2,489 $ 2,380 Standardized income (165 hours/month), full-time equivalent employees, 2004. Statistics New Zealand, [9], [t]. 4,637 dollars 25% 34.5
Canada average income PPP $ 2,278 $ 2,276 Employees, 2005. Incl. overtime. Statistics Canada, [9], [t]. 4,053 dollars 32% 27.6
Philippines average income PPP $ 2,214 $ 498 Employees, 2001. Establishments with 20 or more persons employed. National Statistics Office, [9], [t]. 29,075 pesos 21% 42.6
Portugal average income PPP $ 2,113 $ 1,803 Employees, 2005. Instituto Nacional de Estatística, [9]. 1,930 euros 25% 35.4
Brazil average income PPP $ 2,104 $ 748 Employees, 2002. Ministerio do Trabalho e da Previdência Social, [9]. 2,196 reals 13% 39.3
Italy average income PPP $ 2,103 $ 2,270 Employees, 2005. Istituto Nazionale di Statistica, [9]. 2,681 euros 32% 38.2
Finland average income PPP $ 2,043 $ 2,439 Full-time employees, 2004. Excl. seasonal and end-of-year bonuses. Statistics Finland, [9], [k], [t]. 2,930 euros 35% 36.3
Latvia average income PPP $ 1,660 $ 738 Employees, 2005. Central Statistical Bureau of Latvia, [9], [t]. 588 lats 30% 37.3
Slovakia average income PPP $ 1,624 $ 881 Employees, 2005. Excl. enterprises with less than 20 employees. Štatistický úrad Slovenskej republiky, [9], [k]. 34,950 korunas 22% 33.2
Czech Republic average income PPP $ 1,587 $ 967 Employees, 2004. Czech Statistical Office, [9]. 34,853 korunas 31%
Hungary average income PPP $ 1,583 $ 1,005 Full-time employees in enterprises with 5 or more employees, 2005. Hungarian Central Statistical Office, [9], [k]. 350,536 forints 43%
Poland average income PPP $ 1,445 $ 873 Employees, 2005. Incl. the value of payments in kind. Poland Central Statistical Office, [9], [k]. 4,335 zlotys 35% 39.5
Russia average income PPP $ 1,438 $ 687 Employees, 2005. Federal State Statistics Office, [9]. 22,336 roubles 13%
Thailand average income PPP $ 1,377 $ 439 Employees, 2005. Thailand National Statistical Office, [9], [t], [s]. 18,780 bahts 6% 49.5
Lithuania average income PPP $ 1,350 $ 682 Employees, 2005. All employees converted into Full-time units. Excl. individual unincorporated enterprises. Statistics Lithuania, [9]. 2,781 litas 32% 39.0
Romania average income PPP $ 1,263 $ 545 Employees, 2004. Romania National Institute of Statistics, [9]. 2,510 new lei 33% 41.0
China average income PPP $ 1,127 $ 258 Employees, 2004. State-owned units, urban collective-owned units and other ownership units. National Bureau of Statistics of China, [9]. 2,249 yuans 8%
Mexico average income PPP $ 970 $ 620 Employees, 2005. Instituto Nacional de Estadística, Geografía e Informatica (INEGI), [9], [k]. 7,756 pesos 13% 42.8
 

References

 
[9]   International Labour Organization. Compilation of average salary income worldwide. Classified by country, by employment category, and by gender.
[10]   National Statistics Republic of China (Taiwan).
[13]   Statistics Greece.
[a]   Interbank nominal exchange rate, Oanda.com; historical currency converter for over 164 currencies and 3 metals.
[d]   World Economic Outlook Database, September 2006, International Monetary Fund.
[k]   OECD Tax Database. Annual database providing comparative information on personal and corporate income tax and consumption tax systems and rates in OECD countries since 2000. Information on social security contributions levied on employees and their employers is also reported.
[t]   Online calculators yielding net income from gross income: Australia, Austria, Belgium, Canada, Germany, Ireland, Israel, New Zealand, UK, U.S., Singapore.