Wage inflation fades in finance
The managerial and salaried classes in banking and finance are doing much better in wage bargaining than their more marginally employed customers, at least when it comes to the percentage rise in their pay packets.A National Salary Survey released by the Institute of Managers and Leaders shows salaries in the sector increased by 3.1 per cent over the last year, more or less in line with pay growth the year before.This recent pay growth exceeded the IML's forecast last year of a rise of 2.8 per cent for salaries in the finance sector.For the year ahead, the analysts at IML maintain that pay growth in banking and insurance will decelerate slightly, to 2.7 per cent.And whether finance workers' pay increases are a bit more or a bit less than three per cent, salary trends in the sector are out of whack with the wider workforce.The Australian Bureau of Statistics yesterday reported that the seasonally adjusted wage price index rose 0.5 per cent in March quarter 2018 and 2.1 per cent through the year.