Salaries increase by 4.5 per cent – Misco

Salaries have risen by an average 4.5 per cent over the past 12 months as Malta’s growth recovery leaves its mark, the latest Salaries and Benefits Report for 2012/2013 released by research firm Misco has shown.

Last year, the median remuneration packages had increased by 3.1 per cent, bettering the 2010 rise of 2.6 per cent. The report analyses remuneration patterns for personnel working in management, executive, clerical, technical and non-manual positions in various private, foreign-owned and government controlled, service and manufacturing companies.

Above-average increases were recorded in most posts surveyed, particularly for managerial positions, as organisations in the private and public sector continue to implement performance-related pay schemes for managers. Project managers and human resources managers enjoyed the highest increases at 13 per cent and 11.9 per cent respectively. Other increases were also recorded in the median remuneration packages of operations managers (11 per cent), quality assurance managers (7.9), sales managers (7.4) and marketing managers (seven).

People in finance also earn more: finance managers, financial controllers and accountants saw increases of 14.7 per cent, 6.4 per cent, and 2.5 per cent.

“Companies constantly need to be aware of the bigger picture when valuing jobs relative to others, both within the organisation and externally,” Misco director Lawrence Zammit explains.