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Foreign companies increase wages

According to the Slovak Statistical Bureau (SUSR), wages generally grew in Slovakia in 1997. The upward trend was particularly visible in companies which had access to foreign investment capital. While Bratislava region still enjoyed the country's highest wages, the rest of Slovakia regions have been catching up quickly, the Bureau reported.
"According to our research from October 1997, wages rose 10% on a basic salary," said Eva Gollvitzerova, Hay Management Consultants. Wages in the private sector are approximately one and half to two times higher than those in the state sector. Companies with foreign capital paid wages that were two or three times higher those of state sector employees.

According to the Slovak Statistical Bureau (SUSR), wages generally grew in Slovakia in 1997. The upward trend was particularly visible in companies which had access to foreign investment capital. While Bratislava region still enjoyed the country's highest wages, the rest of Slovakia regions have been catching up quickly, the Bureau reported.

"According to our research from October 1997, wages rose 10% on a basic salary," said Eva Gollvitzerova, Hay Management Consultants. Wages in the private sector are approximately one and half to two times higher than those in the state sector. Companies with foreign capital paid wages that were two or three times higher those of state sector employees.

These foreign companies have raised their wages from 10% to 30% annually, depending on the position in question. Top management, including general managers and country managers, can expect a monthly salary of $ 4,000 to $ 10,000. Wage ceilings for these positions do not exist, said Ľubica Zaťková, Director of H. Neumann International Management Consultants.

The best-paid positions are managers and experts in foreign banks and in specialized international consulting agencies. Foreign trading companies which operate in fast moving consumer goods are next on the list, followed by manufacturing companies with majority foreign ownership. Financial managers, sales managers, bank specialists, auditors and information technology and business auditing consultants make up the best paid professions.

"At some modern companies in Bratislava, we have seen gross monthly salaries for a Slovak General Manager of up to $ 13,300, in information-technology," said Gerard Koolen, from Lugera & Makler, a human resource consulting company. "Top salaries in industry for a Slovak General Manager are now reaching $ 3,300, with the highest we have registered so far at $ 8,300, plus benefits like an Audi and free housing. These salaries are coming close to those in Western Europe."

The most bacon is still being taken home in Bratislava, as the Slovak capital attracts many foreign and modern companies, who then fight over the regions dwindling supply of skilled labor. Bratislava region's relatively low unemployment level serves to keep wages high, especially in the trade and service sector. "In general, we can say that the wages of top management are the highest in Bratislava. Comparing them with middle and east Slovakia, you see compensation of up to 50% to 80% less in the outlying regions," said Koolen.

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