Salaries at Broker Cluj down 40%

The average salary of an employee at Broker Cluj, the only brokerage company listed on the Stock Exchange, fell by 40% in the first half of the year against the first half of 2007, according to financial data published by the company. The reduction in the brokers’ incomes was caused by the decline in the volume of shares traded on the Stock Exchange amid a drop in share prices. The average monthly salary-related costs for a Broker employee amounted to around 1,900 RON (530 euros), compared with around 3,200 RON (almost 1,000 euros) in the first half of last year. The decline was heavier in euros due to exchange rate depreciation. “The drop in salary is explained by the fact that this is a bad time for the market. We offered our employees the possibility to choose between a fixed salary, and a salary with a fixed component and another component that is performance-related. Very many of the employees in our branches chose the performance-related pay,” explained Petru Prunea, chairman of the company.