BUSINESS IN SHORT

Growth in salaries remains slow

SLOVAKS should forget about the 7-10 percent year-on-year increases in average real monthly salaries that they experienced before the 2008 economic crisis, analysts say. Still, recent statistics indicate that the year-on-year average nominal and real salaries are still growing in much of the Slovak economy.

(Source: SME)

SLOVAKS should forget about the 7-10 percent year-on-year increases in average real monthly salaries that they experienced before the 2008 economic crisis, analysts say. Still, recent statistics indicate that the year-on-year average nominal and real salaries are still growing in much of the Slovak economy.

The most significant increase in average nominal monthly salaries from June 2012 to June 2013 was recorded in transport and warehousing by 5.7 percent reaching €783 per month. The only drop is related to the construction sector, which decreased by 1.8 percent year-on-year to €588 per month, according to the Slovak Statistics Office.

“The crisis turned out to be the new reality,” Luboš Sirota, the head of McRoy Group personnel agency, told the Sme daily.

Hikes in average nominal monthly salaries on an annual basis were recorded in the sale and repair of motor vehicles with salaries rising by 4.1 percent to €790 monthly; in restaurants and pubs by 2.8 percent to €368; in industry by 2.6 percent to €891; in accommodation by 2.6 percent to €587; in wholesale by 1.4 percent to €773; in selected market services by 1.4 percent to €820; in information and communications activities by 0.8 percent to €1,728; and in retail by 0.5 percent to €562.

Real average monthly salaries in June were up year-on-year in transport and warehousing, both by 4 percent; in the sale and repair of motor vehicles by 2.5 percent; in restaurants and pubs by 1.2 percent; and in accommodation and industry, both by 1 percent year-on-year.

Real salaries fell in the construction sector by 3.3 percent; in retail by 1.1 percent; in information and communications activities by 0.8 percent; and in wholesale and selected market services by 0.2 percent.

The first step to spurring faster salary growth is to deal with the high unemployment rate, said Miroslav Dravecký, the project manager of Platy.sk online salaries survey, as quoted by Sme.

“It may take around 10 years,” Dravecký said. “Then, there will be space for a significant increase in salaries.”

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