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BUCHAREST (Romania), October 1 (SeeNews) - Wages in the private sector in Romania increased by an average 4.1% in 2015, a level similar to the previous year, a study by global consultancy PricewaterhouseCoopers (PwC) indicated on Thursday.
For 2016, the wage increase currently planned by the companies participating in the study is 3.9%, similar to the one planned last year for 2015, PwC said in a statement presenting its PayWell Romania salary and benefits study.
“Although there is no major difference, this is the first year after a long time in which the actual average wage increase was higher than that initially planned by companies (3.9%). This is a sign that the economy is on an upward path," Mihaela Mitroi, Tax and Legal Services Leader at PwC Romania, said in the statement.
At the same time, due to the deflation that Romania is experiencing as a result of recent VAT cuts, Romanian employees are enjoying an increase in their purchase power, which is expected to lead to a strong growth in consumption in both 2015 and 2016, the statement added.
The pharmaceutical and fast moving consumer goods (FMCG) sectors recorded the highest average salary increase in 2015, of 4.5%. Lower-than-market average salary increases were recorded in the banking sector, of 2%, and in retail, of 3.7%.
PayWell Romania 2015 salary and benefits survey comprises compensation data provided by 112 companies across seven industry sectors: petro-chemicals, banking, FMCG, retail, leasing, pharmaceuticals and industrial products.