Sun, Nov 08 2009

Inflation, workforce shortage drive wage growth

Wed, Jan 14 2009 11:42 CET byDnevnik.bg 266 Views

The deepening labour deficit and the high inflation rate pushed wages to a double-digit growth in the first two years of Bulgaria's European Union membership, according to data of human resource agencies ConsulTeam, AIMS Human Capital, Monday and Hay Group.

Salaries in Bulgaria rose by 10 to 16 per cent in 2007 and by an average of 15 per cent in 2008, according to the agencies. Other factors for the rapid pay rise were employees' work results and company performance.

While galloping wages are generally seen to be a major catalyst for inflation, analysts and employers agree there will be only modest rises this year.

The IT and software industry saw the biggest wage growth in 2008 of 20 per cent year-on-year. The sector was one of the leading in terms of employee perks with 97 per cent of the companies giving bonuses and more than 30 per cent offering commissions, according to the research from ConsulTeam.

Salaries for some IT positions jumped almost 30 per cdent last year, according to AIMS Human Capital.

Hay Group has estimated that Bulgaria's average wage growth is about four times larger than Europe's average. Still, the country trails all EU members but Latvia in terms of bottom pay, according to statistics from Eurostat, the EU's statistics office.

Source: Dnevnik

Write comment

Name:Comment:

Generate new code
Send your comment

More in this category

Bulgaria unemployment rate reaches 8.23% in October

Seven thousand people lost their jobs in October, labour minister says

EasyJet offers 30% promotional discount on all destinations

Once the promotional tickets are purchased during the discount window, they will be valid for the period January 4–March 30 2010

Long awaited repairs

Flannagan’s will be replaced by a French brasserie as part of a 10 million euro Radisson renovation

Mobile operator Globul reports 8.1% revenue drop in Q3

Globul has accumulated a profit of 139.1 million euro for the period January – September 2009, or a 0.3 per cent drop as opposed on last year’s results

Plotting the course

After 100 days in office, Finance Minister Simeon Dyankov pinpoints 10 key issues for Cabinet in ‘the next 100 days’

© 2000-2009, Sofia Echo Media Ltd.

Web Design by RIZN

Sofia Echo Media is part of the Economedia Group.
The news and information content on this website is provided by our editorial team and is copyrighted. Any unauthorised reproduction or use of it is strictly forbidden. Reproduction of this website's content is permitted only with prior written permission from the Editor-in-Chief, should be propertly acredited and provide an active link back to our site. Comments posted by the website's visitors are independent of the editorial materials and do not represent the views of sofiaecho.com. Sofia Echo Media cannot be held responsible for the statements contained in visitor comments. The percentаge change in the shares' prices are based on the price of the last transaction of the current session compared to the price of the last transaction of the previous session. Bulgarian Stock Exchange data is not real-time, but updated every 15 minutes, and should not be used as a basis for decisions about buying or selling stock options.