Romania’s wage growth rate accelerates to 13.7 pct y/y in October, the highest pace in 4 months

Romania’s average net monthly earnings growth rate accelerated to 13.7 percent year-on-year in October, the highest pace since June, National Institute of Statistics (INS) data showed on Tuesday.

The average net monthly earnings rose by 1.2 percent month-to-month, from RON 2,688 in September to RON 2,720 (EUR 585) in October.

Real wages increased by only 9.1 percent between October 2017 and October 2018, due to high inflation rate (4.3 percent in October, year-on-year).

The gross average monthly earnings increased to RON 4,532 (EUR 975) in October, up from RON 4,482 in September.

Since the beginning of this year, the social security contribution and the social health insurance contribution paid by the employer were transferred to the employee in Romania, and the effect was a sudden surge of the gross wages in January.

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The highest net monthly earnings were recorded in October in the IT sector (RON 6,380, EUR 1,372), and the lowest in accommodation and food service activities (RON 1,580, EUR 340).

Romania has the second lowest average wage among the European Union member states, after Bulgaria.