Insurance and financial institutions such as banks paid their staff an average Sh170,433 a month last year, marking a five percent increase from 2019.
Bank employees are set to see a seven percent salary jump effective this month and backdated to March last year after a review on the collective bargaining agreement for the three years to 2023.
This may send the sector back to its 2019 earnings rank.
Employees of energy sector firms are now the second-highest paid in the country, overtaking their counterparts in finance, official data shows.
The Economic Survey 2021 released Thursday shows the average monthly payment for those employed in firms dealing in electricity, gas, steam, and air conditioning supply stood at Sh171,041 last year. This was up eight percent compared to Sh158,318 in 2019.
Insurance and financial institutions such as banks paid their staff an average Sh170,433 a month last year, marking a five percent increase from 2019.
Bank employees are set to see a seven percent salary jump effective this month and backdated to March last year after a review on the collective bargaining agreement for the three years to 2023. This may send the sector back to its 2019 earnings rank.
The financial sector was among sectors that recorded growth last year of 5.6 percent compared to 6.9 percent in 2019.
Employees of multilateral bodies and non-governmental organisations (NGOs) remain the highest paying formal sector.
The average monthly salary for those employed at organisations such as the World Bank, the United Nations, and the United States Agency for International Development (USAid) stood at Sh308,330 last year, up from Sh293,256 in 2019. This represents Sh15,073 monthly rise.
Other top earners included transport and storage (Sh126,842), administrative and support services (140,692), professional, scientific and technical activities(Sh120,687) and ICT (Sh94,226) per month on average.
Workers in household activities earned Sh24,357 per month.
Other low earners water supply and waste management (Sh24,206), real estate (Sh26,945), agriculture, forestry and fishing (Sh31,360), and accommodation and food services (Sh35,735).
“In the year under review, annual average earnings grew by 3 percent to Sh801.708 compared to an increase of 8.1 percent in 2019. This translates to an average monthly earning of Sh66,803,” the report stated.
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