Incomes rise faster

By Phil Boeyen, ShareChat Business News Editor

Tuesday 20th November 2001

Workers incomes are rising more quickly than last year according to new figures.

Latest data from the National Employers Annual Wage & Salary Survey shows that for the year ended July pay packets for senior managers rose 4.4% to an average of around $73,000, considerably more than last year's 3.8% rise.

Middle managers didn't do quite so well, earning on average 3.84% more this year than last year for a typical base salary of around $50,000

"Other employees" fared worse, with incomes rising just 3.57% over last year, but that was still ahead of last year's increase of 3.19%.

The increases compare to an annual inflation rate of 3.2% for the year to the end of June, although that rate fell to 2.4% for the year ended September.

For the year ending July 2002, employers were expecting pay rates to keep on rising, with 62% anticipating the average increase to be between 2-3%.

"Around 30% of general managers with 50 staff or less were paid an average of $84,000 plus some form of performance incentive worth an average of $18,741 a year," said Graeme Perfect, the survey's co-ordinator.

"Senior managers with salaries ranging from $54-$75,000 typically also get large cars, superannuation, medical insurance and incentive payments."

In terms of holidays most employers (58%) say they pay three weeks on commencement, 37% allow for four weeks and 5% allow for more than four weeks.

The figures were collected by the Employers & Manufacturers Association (Northern) and cover around 600 employers and 54,000 employees throughout the country.

Comments from our readers

No comments yet