Romania, second largest increase in labor costs in the EU

Latvia, Romania, and Bulgaria registered the largest increases in labor costs among the EU member states in the second quarter of 2015 compared to the same period last year. In Romania, the total labor costs went up by 7.7% year-on-year. It was exceeded only by Latvia, where the labor costs rose by 7.9%. In the EU, the total labor costs increased by 1.9% year-on-year whereas in the euro zone, the average increase was 1.6%. The labor costs went down during this period only in Greece, Cyprus, and Italy. The increase in Romania’s labor costs was due to the growth in the hourly labor costs in industry and services. Romania’s Government increased the minimum wage from RON 850, in January 2014 to RON 975 in January 2015, and RON 1,050 in July 2015. editor@romania-insider.com