Information on salary expenditures was published by Fondul Proprietatea, a shareholder in these companies alongside the Romanian government, as a major move to improve transparency. The financial reports of 20 large local companies were published on the Fund’s website, with 10 of the companies being state-controlled and unlisted. This is the first time that detailed information emerges on the activity of these companies.
The ten companies, which included national energy distribution companies Transgaz and Transelectrica, as well as producers Nuclearelectrica and Hidroelectrica, employed over 35,550 people at the end of last year. Salary expenditures rose in the case of most companies, although some of them reported turnover and profit declines last year.
National gas producer Romgaz, 85% controlled by the Romanian government, had the highest salary expenditures in 2010, RON374 million. Romgaz’s over 5,800 employees last year earned RON5,369, on average per month, 2.7% more than in the preceding year. The highest wage raises were recorded by gas distribution company Transgaz – by 11.3%. The average monthly wage collected by the over 4,900 employees of Transgaz was RON3,265.
Nuclearelectrica’s employees collected the highest average monthly wage, of over RON7,400. The energy producer had 2,179 employees at the end of last year.
Romanian postal company Posta Romana, which employs 34,700, almost as many as energy sector employees, saw the average wage go up 5.2% from RON2,154 to RON2,265. (EUR1=RON4.25)
(English version by Daniela Stoican, edited by Loredana Fratila-Cristescu)