Romania Ranks Second In Labor Cost Hikes Chart – Eurostat

The rise in labor costs dropped in the fourth quarter of 2007, to 21.6%, as Romania took the second position in the EU state chart, after Latvia, where the climb reached 30.1%, and some six times greater than the average among the 27 EU member states, according to European statistics office Eurostat.

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The costs supported by employers for labor force were, at the end of the last quarter in 2007, 21.6% higher compared to the similar period in 2006, according to a report issued by Eurostat.

In the previous quarter, the annual rise was 23.2%.

In Romania, labor costs on the construction segment registered the quickest climbs, in the fourth quarter compared to the similar period of 2006, reaching 27.6%. The growth rates in services and industry was 21.4%, respectively 20.5%.

Among the 27 EU member states, the average hike registered at the end of the fourth quarter was 3.5%, as opposed to the 2.6% hike registered in the fourth quarter of 2006.

For the last quarter, the slowest growth was reported in Germany (1.5%) and Luxemburg (1%).

The total cost of labor includes salaries and other benefits paid by employers, as well as expenses not directly connected to salaries, such as social contributions.

Salary hikes, and hikes in other benefits granted to employees, varied between 2% in Germany and a 30.6% peak registered in Latvia.

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