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Banking Average Salaries in Mauritius 2020

How much money does a person working in Banking make in Mauritius?


Average Monthly Salary
75,600 MUR
( 907,000 MUR yearly)

LOW
42,800
MUR
AVERAGE
75,600
MUR
HIGH
140,000
MUR

A person working in Banking in Mauritius typically earns around 75,600 MUR per month. Salaries range from 42,800 MUR (lowest average) to 140,000 MUR (highest average, actual maximum salary is higher).

This is the average monthly salary including housing, transport, and other benefits. Salaries vary drastically between different Banking careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.

Salaries for specific jobs

Job TitleAverage Salary
AML Analyst93,200 MUR
Assistant Bank Branch Manager82,100 MUR
Assistant Bank Manager91,400 MUR
ATM Manager89,200 MUR
ATM Service Technician48,800 MUR
Bank Accounts Analyst61,600 MUR
Bank Accounts Controller71,300 MUR
Bank Accounts Executive72,700 MUR
Bank Accounts Manager80,500 MUR
Bank Auditing Manager78,000 MUR
Bank Branch Manager100,000 MUR
Bank Clerk47,400 MUR
Bank Compliance Specialist69,900 MUR
Bank Manager142,000 MUR
Bank Operational Risk Manager105,000 MUR
Bank Operations Head117,000 MUR
Bank Operations Officer67,300 MUR
Bank Operations Specialist91,000 MUR
Bank Process Manager69,800 MUR
Bank Product Manager 71,600 MUR
Bank Programme Manager87,000 MUR
Bank Project Manager88,600 MUR
Bank Propositions Manager86,800 MUR
Bank Quantitative Analyst68,900 MUR
Bank Regional Manager107,000 MUR
Bank Regional Risk Officer66,400 MUR
Bank Relationship Manager82,900 MUR
Bank Relationship Officer62,000 MUR
Banker60,500 MUR
Banking Business Analyst74,400 MUR
Banking Business Development Officer62,500 MUR
Banking Business Planning Executive95,200 MUR
Banking Product Manager88,900 MUR
Banking Reference Data Manager79,300 MUR
Banking Risk Analyst69,500 MUR
Banking Technical Analyst62,800 MUR
Bankruptcy Coordinator76,500 MUR
Budget Analyst73,400 MUR
Cards Marketing Manager87,900 MUR
Cash Management Manager102,000 MUR
Check Processing Manager90,500 MUR
Commercial Vault Associate73,600 MUR
Corporate Dealer78,200 MUR
Credit Analyst81,000 MUR
Credit and Collections Manager90,000 MUR
Credit Card Fraud Investigator79,300 MUR
Credit Portfolio Manager110,000 MUR
Credit Risk Analyst91,500 MUR
Credit Risk Associate80,100 MUR
Direct Bank Sales Representative67,200 MUR
Financial Bank Planning Consultant79,400 MUR
Financial Banking Analysis Manager86,900 MUR
Financial Banking Assistant61,300 MUR
Financial Banking Systems Manager90,200 MUR
Foreign Exchange Manager87,900 MUR
Fraud Analyst72,400 MUR
Fraud Detection Associate75,400 MUR
Fraud Detection Manager96,300 MUR
Fraud Detection Supervisor79,000 MUR
Internal Bank Audit Manager98,200 MUR
Internal Bank Auditor67,500 MUR
International Banking Manager120,000 MUR
Loan Analyst72,200 MUR
Loan Area Manager78,300 MUR
Loan Audit Team Leader79,900 MUR
Loan Branch Manager82,200 MUR
Loan Business Development Officer72,300 MUR
Loan Clerk50,900 MUR
Loan Collection Manager82,200 MUR
Loan Collector44,100 MUR
Loan Examiner57,700 MUR
Loan Processing Manager66,900 MUR
Loan Processor64,500 MUR
Loan Quality Assurance Auditor76,300 MUR
Loan Quality Assurance Manager79,700 MUR
Loan Quality Assurance Representative66,000 MUR
Loan Review Manager77,100 MUR
Loan Team Leader72,500 MUR
Mortgage Advisor71,800 MUR
Mortgage Collection Manager75,300 MUR
Mortgage Collector53,500 MUR
Mortgage Credit Analyst64,100 MUR
Mortgage Credit Manager68,100 MUR
Mortgage Development Manager87,400 MUR
Mortgage Document Reviewer57,800 MUR
Mortgage Funding Manager86,800 MUR
Mortgage Operations Manager93,400 MUR
Mortgage Payment Processing Clerk50,600 MUR
Mortgage Processing Manager81,600 MUR
Mortgage Processor60,200 MUR
Mortgage Quality Assurance Auditor74,800 MUR
Mortgage Quality Assurance Manager73,500 MUR
Mortgage Servicing Clerk44,300 MUR
Mortgage Servicing Manager80,000 MUR
Mortgage Underwriter52,800 MUR
Online Banking Manager104,000 MUR
Payment Processing Clerk47,400 MUR
Personal Banker74,100 MUR
Personal Banking Advisor 72,100 MUR
Phone Banker62,700 MUR
Private Banker78,400 MUR
Reconciliation and Investigation Specialist67,900 MUR
Teller45,500 MUR
Trade Officer52,200 MUR
Trade Product Manager80,000 MUR
Trader59,800 MUR
Treasury Operations Officer68,300 MUR

Banking Jobs Salary Distribution in Mauritius

Median and salary distribution monthly Mauritius Banking
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The median, the maximum, the minimum, and the range

  • Salary Range

    Banking salaries in Mauritius range from 42,800 MUR per month (minimum average salary) to 140,000 MUR per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 80,200 MUR per month, which means that half (50%) of people working in Banking are earning less than 80,200 MUR while the other half are earning more than 80,200 MUR. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.

  • Percentiles

    Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of people working in Banking are earning less than 55,300 MUR while 75% of them are earning more than 55,300 MUR. Also from the diagram, 75% of people working in Banking are earning less than 117,000 MUR while 25% are earning more than 117,000 MUR.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
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The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher the wage.

Generally speaking, employees having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.

Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.


Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.

As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.

Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income? We compared the salaries of professionals at the same level but with different college degrees levels across many jobs, below are our findings.


Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.

Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a cerificate or diploma.

Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.

Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.


Is a Master's degree or an MBA worth it? Should you pursue higher education?

A Master's degree program or any post-graduate program in Mauritius costs anywhere from 334,000 Mauritius Rupee(s) to 1,000,000 Mauritius Rupee(s) and lasts approximately two years. That is quite an investment.

You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.

Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

The decision really depends on your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.

Banking Salary Comparison By Gender

Salary comparison by gender monthly Mauritius Banking
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees earn 12% more than their female counterparts.

Female
71,800 MUR
Male+12%
80,300 MUR
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Mauritius for all Careers

Salary comparison by gender monthly Mauritius
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Banking Average Annual Salary Increment Percentage in Mauritius

How much are annual salary increments in Mauritius for Banking professionals? How often do employees get salary raises?

Banking

Banking professionals in Mauritius are likely to observe a salary increase of approximately 6% every 27 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.

Annual Salary Increment Rate Mauritius Banking
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

Mauritius / All Professions

Annual Salary Increment Rate Mauritius
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The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely that people get their salaries reviewed exactly on the one year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency

The average salary increase in one year (12 months) in Mauritius is 2%.

Annual Increment Rate By Industry 2019

Banking
2%
Energy
4%
Information Technology
6%
Healthcare
8%
Travel
1%
Construction
3%
Education
5%

Listed above are the average annual increase rates for each industry in Mauritius for the year 2019. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.


Worldwide Salary Raises: All Countries and All Jobs

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Banking Bonus and Incentive Rates in Mauritius

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Mauritius Banking
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Banking is considered to be a high bonus-based field due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.

37% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while 63% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 5% to 9% of their annual salary.

Received Bonus
63%
No Bonus
37%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.

Goal-Based Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These types of bonuses are given without a reason and usually resemble an appreciation token.

Bonuses Are Not Commissions!

People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.


What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting Cast

Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.

Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.

Example:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.

Government vs Private Sector Salary Comparison

Public vs private sector salaries monthly Mauritius
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Where can you get paid more, working for a private company or for the government? Public sector employees in Mauritius earn 18% more than their private sector counterparts.

Private Sector
60,200 MUR
Public Sector+18%
70,900 MUR
Percentage increase and decrease are relative to the previous value

Banking Salary Forecast and Trend in Mauritius

How do Banking salaries change over time? Listed below is a chart that shows the average salary in recent years.

Salary trends and forecast monthly Mauritius Banking
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Average Salary 2016
66,500 MUR
Average Salary 2017+4%
69,000 MUR
Average Salary 2018+3%
71,300 MUR
Average Salary 2019+3%
73,600 MUR
Percentage increase and decrease are relative to the previous value

Banking salaries in Mauritius are rising in the year 2020 based on recent submitted salaries and reports. As displayed in the chart, salaries in 2019 are 3% higher than those of 2018. The trend suggests a slow yet continuous increase in pay in 2021 and future years. These numbers may vary from industry to another.

Banking Hourly Average Wage in Mauritius


440 MUR per hour

The average hourly wage (pay per hour) in Mauritius is 440 MUR. This means that the average person in Mauritius earns approximately 440 MUR for every worked hour.


Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )

The hourly wage is the salary paid in one worked hour. Usually jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fix amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.

Banking VS Other Jobs

Salary Comparison Between Banking and Banking monthly Mauritius
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The average salary for Banking is 13% more than that of All Jobs.

44054 - 13

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