As shown by most recent GUS figures, the average wage in companies has increased by 3.2 percent year to year, reaching 4002 PLN. Employment has grown by 1.1 percent year to year. – This is certainly a disappointing result, though base effects blur the picture somewhat. The fact that previous rapid increases in wages were incidental, caused mostly by premiums and bonuses, is now clear. Unless unemployment drops sufficiently for it to cause substantial wage pressure, we could be dealing with a slight decrease in real wage growth dynamics, resulting chiefly from deflation coming to an end – comments Łukasz Kozłowski, expert of Employers of Poland.
Despite a systematic decrease in unemployment, the wage pressure is still not particularly strong. As the economic upturn is maintained and the unemployment rate dwindles, such an impulse will be more likely to occur.
Meanwhile, the employment growth rate fits the expectations. As with the registered unemployment rate, the situation improved most dynamically at the beginning of the year, while in the second quarter we are dealing with a slight slowdown in positive tendencies. In May, the number of employees in companies with 10 or more jobs was at a record high, though the 1 percent growth dynamics does not look very impressive compared to results from 2011. Small companies play a particularly important role in the current phase of the economic cycle.
Łukasz Kozłowski, economic expert of Employers of Poland