Economy

Salaries in the Balearics 11% below the national average

For the hospitality sector (hotels at any rate), salaries in the Balearics will rise by five per cent this year. | Archive

Majorca Daily Bulletin reporterPalma16/01/2018 00:00

A report by the EADA Business School and ICSA consultancy reveals that the average gross salary in the Balearics is 20,294 euros, eleven per cent lower than the national average of 22,793 euros. The region with the highest average salary (25,659) is Navarre. The difference between this and the lowest of all - in Extremadura - is 37%.

Senior management salaries in the Balearics average out at 73,911 euros, which is 6.5% lower than the national figure, while the average for middle management is 37,153 euros (eight per cent below the national average). Madrid has the highest salaries for senior management (83,903), followed by Catalonia with 80,916 euros.

The president of the ICSA group, Ernest Poveda, says that despite economic growth and employment creation over the past three years, the "fourth European economy" should not have the significant imbalance between wealth generation and pay that there is. Professor Jordi Costa from EADA adds: "Labour reform combined with economic growth have contributed to the creation of jobs, but salaries have hardly changed."

By sector, banking and insurance companies pay the most, while tourism and retail pay the least.