Wages will grow very quickly

20-05-2008, 16:40

Warsaw (Puls Biznesu) – Wages grew at  double-digit rate for the fourth consecutive month. Over 40 percent of companies plan wage increases.

Average remuneration rose 12.6 percent in April against April last year and amounted to PLN 3,137.74 (EUR 928.8). Analysts had expected dynamics of 11.5 percent. Employment rose by 5.6 percent, the central statistical office GUS said. According to Adam Antoniak, Bank BPH economist, consumption demand will be strong in the second quarter. Wages won’t stop to grow fast soon. According to the poll made by the National Bank of Poland as many as 41.2 percent of companies plan wage increases in the near future. As many as 45.4 percent of all employees will get more money.

“The number of companies planning wage increases fell as compared to the previous quarter when 48.7 percent of the lot said they would do this but it’s still very high. If we compare it with previous quarters, it turns out that the proneness to increase wages is the highest in many years”, Marcin Mroz, Fortis Bank chief economist explained.

The situation won’t change quickly.

“Average wage will grow 9 percent this year. This is a level similar to last year’s. Growing labor costs which are already one of the main barriers hindering development of companies will be even more troublesome”, Marcin Mroz believed.

“The demand for employees remains big. Despite economic slowdown in the UK and weak pound, the Poles are not coming back to Poland. The labor market won’t change soon”, Lukasz Tarnawa said.

(PLN 1 = EUR 0.296)

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