Bermuda has 343 fewer companies than a year ago, according to the latest Government statistics.

The drop was revealed in the second quarter Quarterly Bulletin of Statistics this week, showing incorporation activity in the second quarter was on par with a year ago, with 323 new companies being added. But the net number of firms registered in Bermuda slid significantly, dropping to 16,219 registered companies compared to 16,562 a year ago.

Broken down by type of company, there were 61 local companies set up during the period, 250 exempted companies, 12 exempted partnerships and no non-resident entities registered in the second quarter.

Those numbers compared to 56 local companies being on the register a year ago, 250 exempted firms being added to the register, 17 exempted partnerships and nine non-resident companies.

As for the total number of companies on the register, there were 2,958 local registrations, 12,151 exempted, 546 exempted partnerships, 545 non-resident and 19 non-resident insurance for a total at the end of the quarter of 16, 219.

That number showed the most significant year-on-year decline in the exempted company sector with a drop from 12,424 to 12,151. Non-resident companies registered in Bermuda also fell from 653 to 545 year-on-year.

Local incorporations grew from 2,872 at the end of the second quarter 2003 to 2,958 this year.

While there were fewer companies, workers in those companies were better paid, Government figures revealed.

Employment income for Bermuda workers rose to a high of $547.8 million ? a total of $2 million more than in the first quarter and a full $37 million more than a year ago.

Broken down by sector, workers in the international business sector were paid more than any other group, with salaries recorded of $121 million.

The Island's largest employment group ? public administration and defence positions, which is largely comprised of civil service jobs ? saw total salaries of $77.7 million.

Payroll for the banking, insurance and real estate sector was $57.7 million while business services paid staff $50.4 million.

Wholesale and retail workers earned a combined $47.3 million while workers in the tourism-dependant hotel and restaurant sector collectively saw $35.7 million in pay during the second quarter.

Construction workers took in $36.2 million and those in the transport and communication sector saw combined salaries of $22.1 million.

A whopping $99.7 million was said to have gone to salaries that do not fall into any of the sectors tracked.

The latest data available on Bermuda employment levels was for 2003, which showed a total of 37,686 jobs.

Public administration employed the most people with 3,982 jobs on record for the year, an increase over a year prior when there were 3,896 civil posts recorded.

The next largest employer was the international business sector with 3,781 jobs posted ? an increase over the 3,587 a year ago. And in the business services sector with 3,756 jobs in 2003 which was down on the 3,872 jobs held by those in that area in 2002.

There were no second quarter statistics available to show the consolidated assets of Bermuda's banks and deposit companies, nor were any numbers available to show import levels during the month.