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Salaries budgeted by companies for 2022 should be revised upwards by 2-3 pp due to inflation

December 23, 2021

The upward revision of the inflation trajectory puts pressure on the payrolls earmarked by the private companies in Romania for 2022, according to the second part of the PayWell 2021 study conducted by PwC Romania.   While the companies previously estimated at an average increase of wages of 7%, the rate should be revised upwards by 2-3 percentage points, to compensate for the loss of purchasing power, according to the study.   According to a company statement, most companies drafted their budgets at the end of the summer, when inflation still stood at 4%.   By the end of the year, inflation is expected to exceed 7%, which could lead to a revision of the payroll.Romania’s headline inflation is expected to hit 7.5% YoY at the end of the year (compared to 5.6% YoY projected in August and 4.1% YoY in May), to rise to 8.6% YoY at the end of the second quarter next year as the temporary energy bill subsidies are phased out, and ease to 5.9% YoY at the end of 2022, under the revised inflation outlook revealed by the National Bank of Romania (BNR) on November 11.    

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