Kenyan Bankers and Insurers Ranked As The Highest Paid Employees – Economic Survey 2017

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Kenyan bankers and insurers ranked the highest paid employees
Kenya's financial services and insurance sectors are still the best paying sectors in the country
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Kenya’s financial services and insurance sectors are still the best paying sectors in the country while water supply, sewerage and waste management firms offered the lowest average wages, A new economic survey reveals.

The Economic Survey 2017 which was released on Wednesday this week shows that State-employed workers within the financial and insurance services earned an average of Sh145,233 per month last year as compared to their private sector counterparts who earned a monthly average pay of Sh139,793.

This represented a 1.9 per cent and 3.3 per cent year-on-year increase respectively, a growth which kept these employees as some of the better paid in the country.

The Kenyan public sector, rewarded its employees with an average monthly wage of Sh56,923 which was Sh52,443 more than their their private sector counterparts.

The report also indicated that the average annual earnings in the private sector increased by 5.7 per cent compared to 6.3 per cent in the public sector in the period under review.

The average wage comprise remuneration such as bonuses and allowances.

Related read>>>Kenya’s Cities With The Best Salaries For Employees – Survey

However using the average wage as a yardstick in assessing sector earnings may not paint a clear picture since senior staff ordinarily skew the rankings given that a majority of employees earn less than the average pay.

Private sector employees working in electricity, gas and air-conditioning supply entities earned a monthly average wage of Sh121,998 ranking them second.

Within the public sector, transport and storage workers came in second, receiving a monthly average wage of Sh132,578.

This can be attributed to more expensive recruitments made during the year to help run the railway and revamped Mombasa port, projects which have cost the government billions of shillings.

Administrative and support services firms in the private sector were ranked the third most lucrative payers with a monthly average wage of Sh116,156 per month.

Public sector employees providing accommodation and food services were ranked third in their sector where they are said to earn average monthly wages of Sh121,877.

The State continued to be the better employer, with teachers, for instance, seeing their average monthly wage increase 5.5 per cent to Sh48,616.

This payout is expected to increase significantly going forward when recent salary increases are factored in.

Institutions that are majority-owned by government as well as parastatals were the highest payers, giving their staff an average monthly wage of Sh98,379 and Sh74,422 respectively.

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