Some 500 employees of Romanian natural gas company Romgaz (BVB: SNG), 70% controlled by the state, are going to protest against the management’s plans to cut wages by 5.8% and budget fewer bonuses this year after the payroll surged by 14% in January-September last year (latest data available), Profit.ro reported. The company employs over 5,000.

The management is preparing to renegotiate with the representative trade union the collective labour contract, which expires at the end of the spring of this year.

The company finished the first nine months of last year with a net profit of RON 2.16 billion, about 3% below that recorded in the same period of 2022. Its revenues dropped by 35% y/y to RON 7.19 billion.

Total personnel expenses advanced in the nine-month period by more than 14% y/y to RON 678.5 million.

For some 5,000 employees, the per-capita monthly personnel expenses would be RON 15,000 – the equivalent of a net monthly wage of RON 8,300 (EUR 1,670), some 74% above the average net salary in Romania.

iulian@romania-insider.com

(Photo source: Facebook/Romgaz)