BNR Exchange Rates
21.05.2012- 1 EUR
4.4408 RON - 1 USD 3.4767 RON
- 1 CHF 3.6976 RON
- 1 GBP 5.5015 RON
- 1 gr. aur177.7840 RON
The government's end-of-year surprise: Civil servant salaries to drop 15 percent in 2010!Updated: 17-09-2009 |
State employees will have their salaries cut by 15 percent in 2010, regardless of what the salary grid indicates, according to stipulations contained in two of the three bills for which the government is seeking a confidence vote in parliament, analyzed by Money.ro. A 15 percent drop in wages in 2010 is equal to two months of salaries.
But how does this actually work? On the one hand, one law stipulates a 15 percent drop in state employee revenues until December, and the second freezes these at this level.
As such, revenues must drop as early as the last quarter in 2009, according to the draft law concerning the rationalization of public spending. The average drop is 15.1 percent for October, November and December, and this will be put into effect through the ten days of unpaid holidays.
Another bill, concerning the single salary system, stipulates that revenues be frozen in 2010 to the December 2009 level.
What solutions do ministries have? They must cut the 15 percent of expenditure by lowering bonuses paid, by laying off staff, or by a combination of the two. Only base salaries will be maintained at the same level, which means, however, that if there are no bonuses to be cut for some civil servants, more of the bonuses must be cut for those who do receive these, or there must be additional layoffs.
standard.money.ro
Latest News:
- Millennium Bank increases uncollateralized cash loans maximum amount
- Customers Benefit from Satisfaction Guarantee with All Consumer Banking Products from Citibank
- Call for Entries for Deloitte Central Europe Technology Fast 50 2012
- Millennium Bank offers term deposits with monthly interest payment
- Deloitte European Salary Survey: Sweden, Belgium and the Netherlands, at the top of the pyramid of the tax systems
- Citibank Romania Announces New Partnerships Extending its ATM and Repayment Network by 500 Locations Countrywide
- NBR delivers a silver coin dedicated to Sergiu Celibidache – 100 years since his birth.
- MILLENNIUM BCP NAMED BEST BANK IN PORTUGAL FOR SECOND STRAIGHT YEAR BY EMEA FINANCE
- PwC Romania awarded by the Babes-Bolyai University
- COSMOTE Romania launches a new advertising campaign promoting its Business Portfolio
- On April, National Bank of Romania's foreign exchange reserves stood at EUR 34,336 million
- BCR achieves solid quarterly operating result despite economic slowdown
- The National Bank keeps unchanged the monetary rate
- Tomas Spurny begins mandate as BCR CEO
- PIC reorganization plan approved by creditors and confirmed by the syndic judge
Most Popular News
- Three billion euros to be invested in energy private-public partnerships
- Romanian state plans to keep 8 pct of Petrom, at least
- IMF mission extends stay in Romania till May 9
- IMF, FinMin Vladescu discuss Government revenues collection
- Videanu admits that he is in conflict of interests in connection to Marmosim
- Greece gets 110 billion euros, biggest bailout in history
- BNR governor Mugur Isarescu: Situation is quite complicated
- Romanian-German meeting on fresh cooperation opportunities
- Gov't to earmark 6.4pc of GDP for investment
- FinMin Vladescu: Cutting 25pc off public wages pool will not generate needed savings
