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Sat, May 26 2012
Bulgaria, Romania hourly labour costs increases among highest in EU
Photo: Krassimir Youskeseliev
Hourly labour costs in the euro area rose by 2.1 per cent in the year up to the first quarter of 2010, compared with 1.7 per cent for the previous quarter, EU statistics office Eurostat said.
In the EU271, the annual rise was 2.2 per cent up to the first quarter of 2010, compared with two per cent for the previous quarter.
The two main components of labour costs are wages and salaries and non-wage costs. In the euro area, wages and salaries per hour worked grew by two per cent in the year up to the first quarter of 2010, and the non-wage component by 2.1 per cent, compared with 1.6 per cent and two per cent, respectively, for the fourth quarter of 2009.
In the EU27, hourly wages and salaries rose by 2.3 per cent and the non-wage component by 1.9 per cent in the year up to the first quarter of 2010, compared with 1.9 per cent and 2.5 per cent, respectively, for the previous quarter.
The breakdown by economic activity shows that in the euro area hourly labour costs rose by 1.8 per cent in industry, 2.1 per cent in construction and 2.2 per cent in services in the year up to the first quarter of 2010.
In the EU27, labour costs per hour grew by 1.8 per cent in industry, 1.4 per cent in construction and 2.5 per cent in services.
Among the EU member states for which data are available for the first quarter of 2010, the highest annual increases in hourly labour costs were registered in Bulgaria (+10.5 per cent) and Romania (+7.4 per cent), Eurostat said.
The highest annual decreases were observed in Lithuania (-11 per cent), Latvia (-7.2 per cent), Estonia (-5.5 per cent) and the Czech Republic (-3.1 per cent).
In the EU271, the annual rise was 2.2 per cent up to the first quarter of 2010, compared with two per cent for the previous quarter.
The two main components of labour costs are wages and salaries and non-wage costs. In the euro area, wages and salaries per hour worked grew by two per cent in the year up to the first quarter of 2010, and the non-wage component by 2.1 per cent, compared with 1.6 per cent and two per cent, respectively, for the fourth quarter of 2009.
In the EU27, hourly wages and salaries rose by 2.3 per cent and the non-wage component by 1.9 per cent in the year up to the first quarter of 2010, compared with 1.9 per cent and 2.5 per cent, respectively, for the previous quarter.
The breakdown by economic activity shows that in the euro area hourly labour costs rose by 1.8 per cent in industry, 2.1 per cent in construction and 2.2 per cent in services in the year up to the first quarter of 2010.
In the EU27, labour costs per hour grew by 1.8 per cent in industry, 1.4 per cent in construction and 2.5 per cent in services.
Among the EU member states for which data are available for the first quarter of 2010, the highest annual increases in hourly labour costs were registered in Bulgaria (+10.5 per cent) and Romania (+7.4 per cent), Eurostat said.
The highest annual decreases were observed in Lithuania (-11 per cent), Latvia (-7.2 per cent), Estonia (-5.5 per cent) and the Czech Republic (-3.1 per cent).
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Appointments
Employment Agency
Kamelia Lozanova has been appointed the executive director of the Employment Agency, a position she has held ad interim since September 2011, following the resignation of her predecessor Rossitsa Stelianova. Prior to that, Lozanova was the agency's deputy executive director in charge of international projects and European programmes. She has been with the agency for more than 20 years. Lozanova has a degree in Slavonic philology from the St Kliment Ohridski University of Sofia.
Uniqa
Gloria Dimitrova has been appointed executive director and member of the managing board at Uniqa Life Insurance Bulgaria. Dimitrova began her career in 1998 at the insurance supervision directorate, but moved to the private sector and worked for professional services and insurance brokerage firm Marsh&McLennan and US insurer AIG, both in Bulgaria and the Middle East. She joined Uniqa as regional director for Sofia in 2010. Dimitrova has a degree in economics from the University for National and World Economy in Sofia and a master's degree in insurance from the Business Academy in Svishtov.
Kamenitza
Yassen Lyubenov is the new head of marketing at Bulgarian beer brewer Kamenitza. Lyubenov has 12 years of experience in marketing in the fast-moving consumer goods sector and has started his career as assistant brand manager at Kraft Foods Bulgaria. He later became brand manager at Wrigley Bulgaria, with responsibilities for Bulgaria and Macedonia. Prior to joining Kamenitza, he was senior marketing manager at Wrigley Russia, where he was in charge of brand expansion into Ukraine, Belarus, Central Asia and the Caucasus. Lyubenov has a bachelor's degree in international business administration from the University of Lincoln, UK.
Beiersdorf
Bedros Kalfayan, general manager of skin care and cosmetics company Beiersdorf Bulgaria, will oversee the parent's company units in Romania and Moldova starting April 1. Following company restructuring, Beiersdorf's subsidiaries in the three countries were merged and are now one unit, part of Beiersdorf Central and Eastern Europe. Kalfayan joined Beiersdorf in 2007 as sales manager and was promoted to general manager in 2008. Prior to that, he worked for Axxon Bulgaria, Ferrero and Rubella. Kalfayan has a master's degree in industrial management from the Technical University in Sofia.
Hewlett-Packard
Sasha Bezuhanova has been appointed Hewlett-Packard public sector director for emerging markets, where she will oversee HP public sector activities in 63 countries, including Bulgaria. Bezuhanova will also be in charge of HP's relations with the European Union. Bezuhanova has been HP's public sector director for Central and Eastern Europe since 2008; before that she was general manager of HP Bulgaria since 1998. Bezuhanova has a master's degree in electronics from the Technical University in Sofia and has completed a managment programme at INSEAD.
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This is an example of labor cost by country 1996-2007.
US compensation cost is placed as the standard at 100.
That shows us that The Swiss have the highest labor cost, from the countries sampled and the Eastern European countries the lowest.
That DOES NOT mean that the Hungarians were so much more productive than the Swiss and that they can manufacture many more widgets in the same amount of time - it just means that their living standards were much lower than the Swiss and the demand for workers not as [...]
Read the full comment high.
ftp://ftp.bls.gov/pub/special.requests/ForeignLabo
Not really - pay is going up in pretty much every are of the economy.
Productivity is actually rising as unemployment goes up. It actually takes less workers to produce the same widgets, but they do get more for the day's work...
This is actually terrible news. It doesn't mean higher salaries at all - it means that output is being produced more inefficiently. E.g. one worker was making ten widgets a day last year, now he's making nine - labor cost per widget goes up. This is exactly what got Greece in the mess they are in and will be in the foreseeable future.
what to expect when you pay about the lowest salaries in Europe?
This comment has been removed by the moderator because it contained off-topic content
This comment has been removed by the moderator because it contained off-topic content
10.5% of 0 is still 0.
. . -. ,
From a very low base, but still a good news.