Average pay at Mercer Ireland tops €85,000

The average pay at a Dublin-based consultancy firm that carried out a report on salary levels at Irish banks last year increased to €85,635.

Newly-filed accounts for Mercer Ireland Holdings show that the average pay for the 438 people employed at the firm increased from €82,979 to €85,635. The increase does not include pension payments.

The accounts show that the company’s pre-tax profits soared by 39% to €33.65m last year. Revenues rose by 13% to €152.27m.

Directors’ pay totalled €1.59m — which was made up of €1.48m in basic salary and €109,496 in pension payments.

In 2014, Finance Minister Michael Noonan confirmed that Mercer received €146,370 for its review on the remuneration practices and frameworks at Ireland’s banks.

The pay at Mercer is €25,235 more than the average pay of employees at AIB, as set out in the Mercer report.

A breakdown of the numbers employed show that Mercer has 65 people working in management roles and 373 administration and professional staff. According to the directors’ report section of the accounts, management was “happy” with the performance of the group in 2015.

The accounts also show the 13% increase in revenues was mainly driven by an increase in the European fiduciary business and significant client wins in that market.

The principal activity of the group is the provision of actuarial, human resource, investment consulting advice and related services. During the year, Mercer received capital contributions of €5.75m.

This was paid to a subsidiary in order to meet regulatory requirements.