There was an average increase of three per cent in the basic gross salaries of all positions in the financial services sector, according to a Misco salaries report.

The report, the Misco Salaries and Benefits Report for the Financial Services Sector, provides organisations with a broad spectrum of accountancy and audit firms, banks, insurance and investment firms, with the aim of providing sufficient information to decide on any remuneration adjustments. Joanne Bondin, Misco’s director of HR selection consultancy services, said: “The sector has evolved into one of the key drivers of our economy, resulting in a number of job opportunities.”

Ritienne Xerri, director of business advisory services, said: “In a challenging marketplace, effective and competitive remuneration is a key priority. Employers need to ensure their reward policies and practices are both practical and relevant to today’s labour market. Therefore, having access to robust and up-to-date market information is essential.”

Misco managing director Lawrence Zammit said the financial services sector continues to make a very positive contribution to the Maltese economy. “The contribution of finance and insurance activities to the gross value added of the whole Maltese economy rose to 6.9 per cent during 2016. There are also other activities that are part of the financial services sector. However, we need to ensure that this sector is sustainable in the long run and not price ourselves out of the market. This Misco report is an important tool for these businesses designing their compensation policy.”