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Corporate wages continue to rise

PR dla Zagranicy
Nick Hodge 20.11.2014 08:50
The average salary in Poland's corporate sector grew more than expected in October.
Photo: GlowimagesPhoto: Glowimages

Photo:
Photo: Glowimages

The Central Statistical Office (GUS) has that the average gross monthly wage was 3980.92 zloty (about 944 euro).

This is 3.8 percent higher than in October 2013 and 2.1 percent higher than in September this year.

When calculating the figure, GUS takes into account the remuneration in businesses that employ at least nine people. Only standard work contracts are counted.

Economists polled by the Polish Press Agency had expected salaries to grow by 3.3 percent year-on-year and by 1.6 percent month-on-month.

Employment in the sector stood at 5.54 million in October, GUS also revealed.

This figure increased by 0.8 percent year-on-year and by just 0.1 percent month-on-month. It was in line with analysts' expectations.

Piotr Bielski, chief economist at lender BZ WBK said that the situation on the labour market is clearly getting better.

Though inflation is below zero, companies are offering higher remuneration to their employees. This means that the purchasing power of households is growing in two ways,” he said.

Dariusz Wozniak from Wyzsza Szkola Biznesu – National Louis University sees the data as “optimistic.”

If wages grow, it means that employees are becoming more efficient and employers appreciate it,” he said. (kw)

Source: PAP, IAR

tags: wages
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