salary fund

Romania could raise salaries by an average of over 10% if 60,000 positions in the public sector are eliminated and considering a 2011 salary fund of 39 billion lei (EUR1=RON4.2463), Finance Minister Sebastian Vladescu said Monday.

Romania will limit the public sector salary fund for next year to 39 billion lei (EUR1=RON4.1641) by reducing the number of employees in the public sector, according to the Memorandum of Understanding between Romania and the IMF and EU.

Romanian President Traian Basescu said Thursday evening, after talks with the International Monetary Fund officials, the 25% decrease of the public sector salary fund will affect both the central and the local administration sectors.

Romanian state-owned subway company Metrorex will have a 23.7% higher salary fund in 2009, of 199.51 million lei (EUR1=RON 4.1974), from RON161.29 million in 2008, according to a draft Government decision approving the company's budget.