SANTO DOMINGO.-The Dominican Republic's Multiple Banking Association (ABA) revealed that the average insurable salary in the financial sector, which includes insurance companies and other intermediary entities, remained in 2023 as the second highest of all those registered with the Social Security Treasury at RD$53,477, only surpassed by the mining sector.
The ABA specified that, currently, banking employment represents 77% of the 45,706 people who work in the Dominican financial system, according to statistics from the Superintendency of Banks.
He emphasized that the salaries and compensation paid to its employees constitute one of the relevant items in the generation of added value that the financial sector contributes to the country's Gross Domestic Product.
In addition to salaries, the union praised the effort made by multiple banks in the constant training of their employees, providing them with new knowledge, capabilities and skills to generate opportunities for personal development, professional growth and, at the same time, be able to offer the best service to their clients.
Jobs in multiple banking increased by 57.4% in the last decade
The Banking Association revealed that between 2013 and 2023, 12,951 new employees joined the multiple banking sector, representing an increase of 57.4%, data that demonstrates the remarkable contribution of multiple banking to formal employment in the country.
The ABA specified that a total of 35,522 people hold different positions in the banking entities that operate in the country today, significantly exceeding the number recorded in 2013 when there were 22,571 employees.
Geographical distribution of banking employment
The Banking Association highlighted that the operations of the national banking system extend throughout the country, generating jobs and stimulating economic dynamism in the localities where it operates.
The ABA pointed out that the National District concentrates 72.9% of banking employment (25,898), which is explained by the operation of the main corporate offices and branches that, in turn, respond to the economic activity of the capital city.
He specified that Santo Domingo province follows with 2,119 employees (5.9%), and Santiago with 1,846 (5.2%). The association noted that La Altagracia province ranks fourth with 851 employees (2.4%), which it attributes to population growth and economic dynamism driven by increased tourism activity over the last two decades. La Vega and La Romana account for 1.4% and 1.2%, respectively; while the remaining 10.9% (3,893 employees) are distributed among the other provinces of the country.
Finally, the banking association highlighted the positioning and contributions of the banking sector to the economy as a source of employment, which is evidenced by the number of formal jobs it provides to the labor market, salary levels, and the constant training of its employees.
