Finance pay growth eases
Growth in pay levels in financial services tapered off in the last year, though increases in pay rates are growing faster than at their nadir during the financial crisis.A survey by the Hays Pacific Group put the rise in "fixed annual reward" in the finance sector at 3.6 per cent during the last year, down from a rise of 3.9 per cent in 2012.Hays said 74 per cent of workers in the banking industry were subject to performance pay. Even so, 82 per cent of workers in the sector received a bonus.Hays is forecasting salary adjustments of 3.5 per cent in fixed annual rewards in the financial services sector. It said this was the lowest expected rise since the financial crisis and a sign of a caution within the industry.