Voluntary leave program at Romanian Financial Surveillance Authority: 100 people to get compensation by end-September

Almost 100 employees of the Romanian Financial Surveillance Authority ASF have opted for voluntary leave and will be paid each some EUR 21,400 on average in compensation each by end of September, according to ASF president Misu Negritoiu. The ASF organizational chart, which sets a reduction in staff from 609 people to 495, also limits the number of hierarchical levels to 3 – president/first vice-president, director, and chief of service, down from five such levels in the past. The ASF has been criticized in the media for the large number of staff and the high compensations. After that, it has reduced management positions, and cut salaries for its board members, by 77%. A board member with ASF’s board now has a salary between RON 30,000 and RON 35,000 (EUR 6,666 to EUR 7,777), while a general manager makes RON 25,000 to RON 30,000 (EUR 5,555 to EUR 6,666), a director is paid RON 15,000 to RON 20,000 (EUR 3,333 to EUR 4,444), and a chief of service, RON 10,000 to RON 15,000 – EUR 2,222 to EUR 3,333). Former president of Romania’s Financial Surveillance Authority gets home arrest Amid media campaign on high salaries at Financial Surveillance Authority, director says salaries will be halved in 2014 editor@romania-insider.com