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Financial sector continues to pay high salaries - study

3rd February 2013
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As young college graduates strive to seek more paying jobs, a study shows that the financial sector pays higher salaries than the public sector.

According to the Ministry of Labour and Employment study the sector paid an average of Sh834,000 as salary per month in 2011 down from Sh679,000 in 2010.

As for the public sector, more than 36 per cent of employees are paid just between Sh150,000 and Sh300000, while a few, equivalent to 0.9 per cent, were paid less than Sh70,000.

Also while releasing the data, Ally Msaki, Assistant Director of Employment, said from 2010 to 2011 employment in the country increased by 6.7 per cent. The ratio of women employment increased from 36.5 per cent to 37.7 per cent. For men the figure dropped slightly to 62.1 per cent from 63.5 per cent in 2010.

He said Dar es Salaam leads in recruitments with 33.5 per cent, followed by Morogoro Region which employed 14.1 per cent. On the other hand Rukwa Region recruited only 0.8 percent.

Msaki stated that between July 2010 and 2011 the formal sector brought new employment in the education sector (26.3 percent), public administration, defense and security (20.9 percent), information and communication (10.4 percent), health and social welfare (8.1 percent) and wholesale and retail trade (6.7 per cent).

During 2011/2012 financial year a total of 250,678 jobs were created by various development projects including TASAF (34,516 jobs), EPZA (15,100 jobs), TIC (82,834 jobs), construction projects (59,792 jobs), SIDO (9,946 jobs,) agricultural projects (8,968 jobs,) government (38,289 jobs) and other projects (1,233 jobs).

For the past five months of the financial year 95,493 new jobs were created, Msaki explained, urging employers to furnish his ministry with accurate information on job opportunities at their workplace.

“The availability of data is big challenge given that many employers do not want to disclose information though the law requires them to do so,” he said.

SOURCE: GUARDIAN ON SUNDAY