For investors this aspect is attractive from the perspective of low cost for a still well-prepared resource. To this, are added also other conjunctural advantages.
The problems arise when the local young population chooses to go to countries where the pay is higher or those who want to repatriate are facing the discrepancies of the European market. Sustained efforts in recent years, to increase the income of the labor force, have placed Romania in the top of the EU countries, highlighting at the same time the differences between countries.
Eurostat statistics reveal the fact that salaries are far behind the European average and that there is room for further growth. The increases indicate the highest values in the non-euro area: Bulgaria 15.3%, Hungary 13.9%, Romania 12.2% and Poland 11.7% while in the euro area: Lithuania 13.3% and Ireland 9.3%. The minimum increase was registered in Denmark 2.3%.
Hourly labor costs currently vary, at the level of the Union, between 8 and 50 Euros, respectively from Bulgaria with 8.2 Euros and Romania with 9.5 Euros to Luxembourg with 50.7 Euros.
This includes income, employers' social contributions as well as recruitment costs, professional training, work equipment. Romania with 5.3% is at the top also on the lowest shares of non-salary costs, compared to the highest in France with 32%. Mentioning in the current context, the fact that the gradual elimination of support schemes related to the pandemic contributes positively to the increase in hourly labor costs.
There are hopes for alignment with the European market through recent measures of salary transparency and limitation of gender differences. Also, an inflation rate varying towards 15% will accelerate the salary adjustment process.
With all the necessary growth, Romania will maintain its attractiveness in this decade, especially due to its own potential and resources. Thus, the migratory flows of Asian workers and Western investors will continue.
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