BUSINESS - September 15th 2004[A study of the HRMC Company shows that] top Romanian managers get on average 35,000 euros [per year], which is less than half the earnings of their counterparts in Western Europe, who are paid on average 82,000 euros per year.
By ADRIAN N. IONESCU
The HRMC study also gives data on the average salaries of top managers in the US - with 103,000 euros, Japan - with 94,000 euros, and Hong Kong - with 93,000 euros. All these are figures higher than the European average.
"Usually, managers in the East pay higher taxes, though their income is lower than that of managers in the West," said Carlos Mestre, partner with HRMC. He added that "East European economies have higher growth rates, thus the income growth rate of managersâ income could be double than the one of managers in the West."
The Mercer report also examines the life style of top managers and says that Western managers can buy 50% more than their Eastern counterparts, for the same amount of money. Because of the taxation level, the power purchase of mangers in Switzerland is four times higher than that of managers in Bulgaria, though Switzerland is best known in the East for being an expensive country to live in.
According to Mestre, managers in Switzerland are the most prosperous in Europe because they benefit from an ideal mix: "high salaries, relatively low taxes and reasonable costs of living."
Translation: ANCA PADURARU