Unadjusted wages rose by an average of 5.1% in nominal terms, thus real wage increases counted for nothing, Cocheci said at an event presenting this year’s edition of the salary and benefits survey PayWell.
Neither the economy nor companies could support higher increases, he added.
The Romanian central bank raised the forecast for the 2012 annual inflation rate to 5.1%, thus equaling the nominal pay rise.
According to the survey, salaries in the Romanian private sector rose by an average 5.1% in 2012, similar to the salary growth level registered in 2011 and close to the estimations made at the beginning of 2012, when companies were aiming for an average salary growth of 6%.
The economic sectors reporting above average salary increases were the auto industry (8%), IT, pharma and outsourcing (all around 6%), while in banking, retail, tourism and leisure the salary increases were below average.
A significant decrease in the wage growth was reported in the manufacturing sector, from 7.2% in 2011 to 4.7% in 2012. This can be due to a steep decline in the industrial production sector correlated with an increase in workforce costs (growth of the national minimum gross salary as of 1 January 2012, according to Government Decision no. 1225/2011).
PayWell Romania 2012 salary and benefits survey comprises compensation data provided by 169 companies across 12 industry sectors (agro-chemicals, automotive manufacturing, banking, food and distribution industry, manufacturing industry, IT, leasing, hospitality, pharmaceuticals, retail, outsourcing, service centers and telecommunications).