Comment on Finanstidningen's article about Riksbank wages

In the light of some figures about the Riksbank’s wage costs, Finanstidningen has concluded that the Riksbank’s employees obtained ‘record wage increases’ in 1999 compared with 1998. That was not the case.

 

The wage negotiations gave Riksbank employees an annual wage rise of between 3 and 4 per cent. That includes items for retaining a handful of key persons, primarily economists, whom it was judged would otherwise most probably leave the Riksbank for other employment.

 

This rate of wage increases is well inside last year‘s general framework for central government employees. Finanstidningen’s assertion that the Riksbank’s employees obtained ‘record wage increases’ is accordingly wrong.

 

The discrepancy between the wage rise in practice and the figure given by Finanstidningen is mainly explained by adjustment and winding-up costs in connection with the transfer of cash-handling activities from the Riksbank to a separate company.

 

In addition, a staff turnover of about 20 per cent during 1999 entailed increased wage costs for the Riksbank in that those who left the bank were replaced to a large extent by more qualified and thereby more costly personnel. Moreover, the executive body was enlarged from three to six persons.

 

For further information, please contact the Information Department:
Annica Svensson, telephone: +46 8 787 05 30