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Bank Bonuses

  • 09-01-2010 5:26pm
    #1
    digme
    Closed Accounts Posts: 4,584 ✭✭✭


    Quick question,are Irish banks paying out bonuese like in the UK and USA?


Comments

  • #2
    nesf
    Registered Users, Registered Users 2 Posts: 27,644 ✭✭✭✭nesf


    From wage stats, no. Irregular income (i.e. bonuses) is down by a very large margin in the banking sector from CSO stats. Irregular income was down 66% on Q2 2008 in Q2 2009. One assumes that they continued to fall this year with the continuing very poor conditions in banks. By Q2 2009 pay in the banking & financial sector was down 13.3% on average (before tax changes, down more again in terms of take home pay) with a 3.1% reduction in employment year on year. Looking at the figures it's a continual decline in the industry except for a small increase in Q1 2009 when bonuses were paid out but these were far smaller than they were in previous years.

    Some bonuses might be being paid to top executives being pushed out but the average banker is earning a good bit less today than they were at the start of 2008. Average weekly wages in the sector was 1,076 in Q2 2008 and was down to 933 euro in Q2 2009.


  • #3
    deise blue
    Registered Users, Registered Users 2 Posts: 666 ✭✭✭deise blue


    nesf wrote: »
    From wage stats, no. Irregular income (i.e. bonuses) is down by a very large margin in the banking sector from CSO stats. Irregular income was down 66% on Q2 2008 in Q2 2009. One assumes that they continued to fall this year with the continuing very poor conditions in banks. By Q2 2009 pay in the banking & financial sector was down 13.3% on average (before tax changes, down more again in terms of take home pay) with a 3.1% reduction in employment year on year. Looking at the figures it's a continual decline in the industry except for a small increase in Q1 2009 when bonuses were paid out but these were far smaller than they were in previous years.

    Some bonuses might be being paid to top executives being pushed out but the average banker is earning a good bit less today than they were at the start of 2008. Average weekly wages in the sector was 1,076 in Q2 2008 and was down to 933 euro in Q2 2009.
    With the exception of those on union negotiated contraacts who certainly in the case of AIB and BOI would have seen their earnings increase due to the payment of the first tranche of the National Wage Agreement towards 2016.
    Such employees however would not generally receive bonuses.


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