Average salary increase grows to 5.1% in Romania, PwC study finds
The average salary increase rate in the private sector in Romania was of 5.1 percent this year, according to the 2011 edition of the salary and benefits study conducted by PwC Romania. Although the salary increase rate is higher than in 2010, when it was of 4.3 percent, the real level of growth was below the projections made at the beginning of the year, when companies were aiming for an average salary increase of 6.8 percent.
According to the results of the study, almost half of the participating companies have already performed salary increases in 2011; while one third plan to implement them by the end of the year. In the same time, 23 percent of the participating companies either do not plan to increase wages or have not made any decision in this respect.
The average salary increase in the automotive production sector was of 8.9 percent in 2011, in industrial products of 7.2 percent, while in retail, the average wage increase was of only 2.4 percent and in the banking sector of 2.9 percent.
“Data presented in the PayWell study indicate that the Romanian firms have overcome the survival mentality applied during the recession period, the average salary increase performed this year being around the same level as the forecasted inflation rate. One notices that those sectors having collective labour agreements in place, which correlate the salary increase rates with the inflation level, (such as industrial products or the automotive industry), were also the ones that operated the highest salary increases in 2011 ”, stated Peter de Ruiter, Partner, Tax and Legal Services Leader, PwC Romania.
On the bonuses side, 66 percent of the Romanian companies offer fix bonuses, independent of organisation’s and / or employee’s performance.
PayWell Romania 2011 salary and benefits study comprises compensation data provided by more than 150 companies across 9 industry sectors (Automotive Manufacturing; Banking; Food, Beverage & Distribution; Industrial Products; IT; Leasing; Pharmaceuticals, Retail, Outsourcing and Service centres).
editor@romania-insider.com
