Average Wages for Financial Services and Insurance Workers in South Sumatra Fall by 17.19 Percent (February 2023 Data)

According to the Central Bureau of Statistics (BPS), the average net monthly wage of formal financial and insurance service workers in South Sumatra in February 2023 decreased by Rp 0.8 million to Rp 3.87 million compared to December 2022. Over the past seven years, the average wage for financial and insurance service workers has steadily increased, with a higher rate of increase than in previous years.

The average net monthly wage for formal financial and insurance service workers in the last five years experienced its highest growth in 2022 at 48.54% and its lowest in 2023, with a decrease of 17.19%.

According to the Central Bureau of Statistics (BPS), the salary/wage received by workers in this sector in South Sumatra province amounted to Rp 3.87 million. Compared to other provinces, the average salary/wage in the financial and insurance services sector in this province ranks 15th nationally.

Compared to 16 other sectors, wages in this sector rank fourth. Meanwhile, the employment sector with the highest salary/wage in this province is electricity and gas provision, with a net monthly income reaching Rp 5.26 million.

The second highest paying sector is health services and social work, with a monthly salary/wage of Rp 4.28 million. Third is the mining and quarrying sector with a payment of Rp 4.27 million.

The sector with the lowest monthly pay in this province is other services, with a payment of Rp 1.44 million.

The following are the ten provinces with the highest average net monthly wages for formal financial and insurance service workers nationally in 2023:

• DKI Jakarta Rp 10.73 million
• Banten Rp 7.13 million
• North Sulawesi Rp 5.56 million
• Papua Rp 5.48 million
• Bengkulu Rp 5.12 million
• Aceh Rp 5.11 million
• South Kalimantan Rp 4.75 million
• West Kalimantan Rp 4.14 million
• Riau Islands Rp 4.08 million
• North Sumatra Rp 4.07 million

The following are the ten provinces with the lowest average net monthly wages for formal financial and insurance service workers in 2023:

• Yogyakarta Special Region Rp 2.81 million
• Riau Rp 3.01 million
• Central Sulawesi Rp 3.08 million
• West Nusa Tenggara Rp 3.18 million
• Bali Rp 3.2 million
• Lampung Rp 3.24 million
• Central Kalimantan Rp 3.32 million
• Central Java Rp 3.33 million
• East Java Rp 3.39 million
• Maluku Rp 3.46 million