Romania: Education, Personnel and Labor Market
Romania is already known for its skilled and ambitious personnel. According to the Romanian Institute for Statistics 16.3% of the population has a university degree. Characterized by cultural and ethnic diversity, in Romania the most spoken foreign language is English, followed by French, and in a lower degree also Italian and Spanish. German speaking people are available to a lower degree and the majority of Hungarian speaking people are mostly in Transylvania.
Employees in Romania can be characterized by adaptability, hard-working attitude and ambition to enhance their knowledge and develop from a professional point of view. This enabled for young professionals to advance to higher positions within international companies in a quite short period of time. Due to all these reasons multinational companies entrusted Romanian employees with top managerial positions with regional responsibility and in the last years there are more and more Romanians allocated with international assignments.
The country develops rapidly, the economic climate is improving and the labour market is tending to stabilize. As a result the big employers need to adapt and implement also in Romania their group policies referring to personnel retention. The increasing need of specialists in this area makes the search for qualified people sometimes difficult, depending on the field of activity. For example the difficulties can be mentioned in finding finance-accounting personnel, sales engineers, real estate specialists, insurance professionals and human resources specialists.
As a consequence of the overall economic growth the salaries have increased as well, the ones for the top managers being comparable to those in western countries.
According to the law 12 monthly salaries per year are paid in Romania, more can be agreed upon as bonus. Income tax for personnel is flat at 16%. The calculation of taxes for the employers depends on various aspects, such as field of activity of the company, number of employees, etc.
The social security contributions are calculated according to official annual lists and are between 29% and 39% for the employers and 9.5% for the employees.
