Since 1990 pay gap between employees in the finance industry and other private industries has increased sharply in Sweden, according to the report.
– the salaries within the financial industry since 1990, has risen from being 30 per cent higher compared with other private industries, to be 65 percent higher in 2010, says Per Strömberg, professor of financial economics at the Stockholm School of economics, who worked on the report.
Among the industries big shots , the difference was even greater in 2010 than in the 90′s.
– Among those who have absolutely the best paid in the financial industry, the increase has been even greater. They have gone from serving 50 percent more than the absolute best paid in other industries, to earn almost three times more, says Per Strömberg.
Professor Per Strömberg at the Stockholm School of Economics. Photo: Fredrik Sandberg / TT
The survey is based on data from Statistics Sweden of all Swedes over 16 years and extends from 1990 to 2010.
– The is a very data intensive investigation with millions of observations.
the strong wage growth in the financial sector can not be explained with the employees become more competent, or that competition has become tougher, according to the survey.
– At least not if one measures the skills that iQ or social skills. But there are several different skills, such as thing you learn on the job, says Per Strömberg, adding:
– The most surprising is that the high salaries have not done that more talented individuals flocked to the industry. It remains at the same level since the 90′s.
What can the sharp increase in wages depend on in this case?
– There may possibly have been less attractive to work in the financial industry, which means that you need to pay more. But even more important is that profits in the industry over time has become larger. If you work in an industry that earns well as your salary goes up. The employees have been lucky and been in the right place at the right time, says Per Strömberg.
No comments:
Post a Comment