Time is (more) money- Hourly cost of labor up 10% in Romania

The hourly cost of labor increased by 0.7 percent in the fourth quarter of 2011 compared to the previous quarter, and by 9.76 percent over the same quarter in 2010, according to the Romanian National Statistics Institute (INS). Labor costs were higher in constructions, real estate and trade, according to the INS, which does not offer actual labor cost figures.

The hourly cost of labor increased quarter-on-quarter in most business sectors in the fourth quarter of 2011. The most significant increases were reported in construction activities - 9.8 percent, real estate - 5.5 percent, and trade - 5 percent, while the most significant decrease was reported in mining - down 9.7 percent. In the public sector, the hourly cost of labor increased in health and social care - 1.3 percent, and went down in education - down 15.4 percent. Compared to the same period in 2010, the hourly cost of labor increased in real estate - 15.8 percent, other services - 14.9 percent, and professional, scientific and technical activities - 11.4 percent. In the public sector increases were reported in the health and social care sector - 18.8 percent, in public administration - 14.5 percent, and education - 12.7 percent. Read more about it here(in Romanian, PDF version). The minimum wage in Romania is of around EUR 155 a month, one of the lowest in the European Union. Irina Popescu, irina.popescu@romania-insider.com (photo source: Photoxpress.com)