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A new survey by Belfast and Dublin-based recruitment specialist Brightwater reveals that a buyer in Northern Ireland can expect to earn up to 58% less than somebody in the same role in the Republic of Ireland with starting salaries at 13,000 Pounds compared to 31,000 Pounds.
Public practice partners in Dublin can earn almost 100,000 Pounds more per annum than those in Northern Ireland while graduate bankers in the South have an earning potential of 7,000 Pounds more than their counterparts North of the border.
Professor Richard Harrison of Queen's University Management School told the Belfast Telegraph "it appears that, with the exception of the IT sector, pre-tax salaries are consistently higher across all professions in the Republic than in Northern Ireland. However, in general, these figures will tend to over-estimate differences between the two economies, which will be reduced once allowance is made for differences in income tax and cost of living profiles and exist to some extent as a result of movements in the exchange rate over the past year."
The report claimed that prospective employees are now lowering their salary expectations. It said "with the increased availability of candidates in the market, salary expectations have become significantly more competitive. Candidates are willing to accept salaries equal to, or less than what they were previously on. Candidates are also more flexible in the roles they are willing to apply for, particularly at the newly qualified level."
Commenting on the wage disparity between Northern Ireland and the Republic, Northern Bank economist Angela McGowan explained "on average Northern Ireland wage levels are among the lowest in the UK and when compared to the Republic Northern Ireland salaries are significantly more competitive."
To read the full salary survey please click here