Private managers for Romanian state companies to be paid up to EUR 75,000 a month

Private managers who will run Romanian state-owned companies will be paid between EUR 11,000 and EUR 75,000 a month, based on a calculation by Mediafax newswire quoting information from a Government draft. The monthly payments will be accompanied by bonuses of up to EUR 4.5 million a year. Hidroelectrica, Oltchim, Tarom and CFR Marfa will be the first Romanian companies to have private management.

These salaries would be much higher than what managers in multinationals currently make a month in Romania- up to EUR 20,000 for Romanians and EUR 40,000 a month for expats. The salaries of managers in state companies currently stay under EUR 1,000 in Romania. The highest expected salary will be paid at Hidroelectrica – some EUR 75,700 in gross monthly salary. The final pay will be established through negociations, starting from the basic salary in the company multiplied by a coefficient calculated based on the company's turnover in the last 12 month and the average number of employees the company has. The management contract would cover up to four years. The manager would also get a share in the company's profit, if the profit will increase year-on-year and be of at least a minimum established among the performance criteria. editor@romania-insider.com (photo source: Sxc.hu)