Statec said the average hourly cost for employers in the financial and insurance sectors was €58.66 in 2012.
But the agency’s figures “do not correspond to the reality of our sector” because they are based on data reported by banking and insurance firms, Aleba stated on Thursday. That means the numbers are skewed by the salaries of higher paid executives, in the union’s view.
“The average hourly wage for employees under the collective work agreement amounts in reality to €21.55 per hour in the insurance sector” and €27.61 in the banking sector, according to Aleba.
The statistics agency stood by its report on Friday. “We don’t have any information on the exact methodology used by Aleba,” a spokesman for Statec told Delano. “The figures seem to be based on the collective agreement of the branch [of activity]. Not all salaried workers are covered by this collective agreement.”
“In fact, the methodologies are not comparable,” he said, as Statec accounts for the global cost of engaging employees and “covers all salaried workers, those not covered by the collective agreement included.”
In its report, Statec reported that “direct” expenses such as salaries and bonus account for 85% of employment costs in the financial and insurance sectors, with “indirect” expenses like obligatory social insurance contributions and training amounting to 15%.
Financial services had the highest average of any sector in the “Regards” survey. Statec said that across the Luxembourg economy the average hourly cost was €33.91 in 2012, compared to €30.96 in 2008. That represents an average annual rise of 2.3% per year. Gross salaries were 86% of that total cost, employer social contributions 13%, and bonuses and incentives 9.5%.