Wage increases on the local market have recently slowed down to the lowest rates registered in the last few years. The wages for bank employees rose by a mere 12% in the first quarter of this year, against last year's rate of 13%, and a 55% rate in 2005, according to data from the National Statistics Institute (INS). Banks' wage raises saw a heavy slowdown, dropping below the level of average wage increases registered for the overall economy. Last year, the net average wage for the overall economy increased 20% (in euros) against 13% in the banking sector. This trend continued in the first quarter of 2007, with the average wage increase for the overall economy standing at 25%; a twofold increase against the 12% average wage increase registered in the banking sector. In the first quarter of this year, the average wage for bank employees stood at 820 euros (against 729 euros in the first quarter of 2006), with these employees continuing to preserve their position as the best paid staff on the overall market over the last few years.
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