Banca Comerciala Ion Tiriac S.A. Banca Tiriac

The public servants will have their wages hiked by a total of 17.6% by Oct 2005 — or roughly a 10% real increase over the next 12M — under the agreement signed yesterday by the government and the trade union. The wages will increase by 8% as of Jan-05, with a second step scheduled for Oct-05. The gross average wage in the public administration sector was ROL 10.8mn [EUR 266] per month, above the modest ROL 8.1mn economy-wide average. Net wage was EUR 186. The yearly growth rate as of August was also above the average — 12.4% y/y [real terms], against 8.5% economy-wide average. The number of employees in the sector is 158,300.

Source: Internet Securities