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Banking Average Salaries in Eritrea 2020

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


Average Monthly Salary
7,540 ERN
( 90,500 ERN yearly)

LOW
2,340
ERN
AVERAGE
7,540
ERN
HIGH
15,300
ERN

A person working in Banking in Eritrea typically earns around 7,540 ERN per month. Salaries range from 2,340 ERN (lowest average) to 15,300 ERN (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 Analyst10,800 ERN
Assistant Bank Branch Manager8,940 ERN
Assistant Bank Manager11,800 ERN
ATM Manager9,610 ERN
ATM Service Technician2,830 ERN
Bank Accounts Analyst4,000 ERN
Bank Accounts Controller5,070 ERN
Bank Accounts Executive7,270 ERN
Bank Accounts Manager9,000 ERN
Bank Auditing Manager8,830 ERN
Bank Branch Manager12,600 ERN
Bank Clerk2,340 ERN
Bank Compliance Specialist6,210 ERN
Bank Manager13,600 ERN
Bank Operational Risk Manager14,400 ERN
Bank Operations Head14,900 ERN
Bank Operations Officer5,470 ERN
Bank Operations Specialist9,100 ERN
Bank Process Manager8,180 ERN
Bank Product Manager 9,150 ERN
Bank Programme Manager9,750 ERN
Bank Project Manager11,600 ERN
Bank Propositions Manager10,100 ERN
Bank Quantitative Analyst7,390 ERN
Bank Regional Manager14,000 ERN
Bank Regional Risk Officer7,040 ERN
Bank Relationship Manager11,000 ERN
Bank Relationship Officer4,750 ERN
Banker5,030 ERN
Banking Business Analyst7,440 ERN
Banking Business Development Officer4,680 ERN
Banking Business Planning Executive10,700 ERN
Banking Product Manager9,440 ERN
Banking Reference Data Manager7,850 ERN
Banking Risk Analyst7,030 ERN
Banking Technical Analyst3,760 ERN
Bankruptcy Coordinator5,240 ERN
Budget Analyst7,130 ERN
Cards Marketing Manager9,440 ERN
Cash Management Manager12,600 ERN
Check Processing Manager9,030 ERN
Commercial Vault Associate6,860 ERN
Corporate Dealer7,760 ERN
Credit Analyst5,430 ERN
Credit and Collections Manager10,100 ERN
Credit Card Fraud Investigator7,480 ERN
Credit Portfolio Manager14,200 ERN
Credit Risk Analyst7,920 ERN
Credit Risk Associate7,850 ERN
Direct Bank Sales Representative4,960 ERN
Financial Bank Planning Consultant8,950 ERN
Financial Banking Analysis Manager10,700 ERN
Financial Banking Assistant3,340 ERN
Financial Banking Systems Manager10,200 ERN
Foreign Exchange Manager10,600 ERN
Fraud Analyst7,840 ERN
Fraud Detection Associate5,060 ERN
Fraud Detection Manager11,100 ERN
Fraud Detection Supervisor6,540 ERN
Internal Bank Audit Manager12,800 ERN
Internal Bank Auditor7,260 ERN
International Banking Manager14,900 ERN
Loan Analyst7,510 ERN
Loan Area Manager8,620 ERN
Loan Audit Team Leader8,070 ERN
Loan Branch Manager8,550 ERN
Loan Business Development Officer4,460 ERN
Loan Clerk2,520 ERN
Loan Collection Manager9,130 ERN
Loan Collector2,330 ERN
Loan Examiner3,320 ERN
Loan Processing Manager7,940 ERN
Loan Processor3,210 ERN
Loan Quality Assurance Auditor7,710 ERN
Loan Quality Assurance Manager8,300 ERN
Loan Quality Assurance Representative5,350 ERN
Loan Review Manager8,630 ERN
Loan Team Leader7,470 ERN
Mortgage Advisor4,970 ERN
Mortgage Collection Manager8,950 ERN
Mortgage Collector2,420 ERN
Mortgage Credit Analyst3,800 ERN
Mortgage Credit Manager8,540 ERN
Mortgage Development Manager9,480 ERN
Mortgage Document Reviewer3,120 ERN
Mortgage Funding Manager9,910 ERN
Mortgage Operations Manager12,400 ERN
Mortgage Payment Processing Clerk2,930 ERN
Mortgage Processing Manager8,480 ERN
Mortgage Processor3,220 ERN
Mortgage Quality Assurance Auditor7,340 ERN
Mortgage Quality Assurance Manager8,130 ERN
Mortgage Servicing Clerk2,660 ERN
Mortgage Servicing Manager8,190 ERN
Mortgage Underwriter3,240 ERN
Online Banking Manager12,200 ERN
Payment Processing Clerk2,660 ERN
Personal Banker5,270 ERN
Personal Banking Advisor 5,150 ERN
Phone Banker3,370 ERN
Private Banker5,250 ERN
Reconciliation and Investigation Specialist6,280 ERN
Teller2,480 ERN
Trade Officer3,140 ERN
Trade Product Manager8,700 ERN
Trader3,520 ERN
Treasury Operations Officer6,610 ERN

Banking Jobs Salary Distribution in Eritrea

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

  • Salary Range

    Banking salaries in Eritrea range from 2,340 ERN per month (minimum average salary) to 15,300 ERN per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 7,850 ERN per month, which means that half (50%) of people working in Banking are earning less than 7,850 ERN while the other half are earning more than 7,850 ERN. 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 4,580 ERN while 75% of them are earning more than 4,580 ERN. Also from the diagram, 75% of people working in Banking are earning less than 12,000 ERN while 25% are earning more than 12,000 ERN.


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 Eritrea costs anywhere from 34,200 Nakfa(s) to 103,000 Nakfa(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 Eritrea 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 in Eritrea who work in Banking earn 12% more than their female counterparts on average.

Female
7,300 ERN
Male+12%
8,170 ERN
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Eritrea for all Careers

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

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

Banking

Banking professionals in Eritrea 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 Eritrea 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.

Eritrea / All Professions

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 Eritrea is 2%.

Annual Increment Rate By Industry 2019

Banking
4%
Energy
8%
Information Technology
3%
Healthcare
7%
Travel
2%
Construction
6%
Education
1%

Listed above are the average annual increase rates for each industry in Eritrea 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 Eritrea

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Eritrea 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.

38% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while 62% 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
62%
No Bonus
38%

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 Eritrea
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Where can you get paid more, working for a private company or for the government? Public sector employees in Eritrea earn 21% more than their private sector counterparts on average across all sectors.

Private Sector
6,220 ERN
Public Sector+21%
7,520 ERN
Percentage increase and decrease are relative to the previous value

Banking Hourly Average Wage in Eritrea


44 ERN per hour

The average hourly wage (pay per hour) in Eritrea is 44 ERN. This means that the average person in Eritrea earns approximately 44 ERN 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 Eritrea
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The average salary for Banking is 10% more than that of All Jobs.

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