Increase of salaries: no occasions for rejoicing

In December, 2012 Belarus achieved a record: the average wage reached $553 for the first time ever. Compared with the same period in 2011 there is a climb by 60 %. But on the other hand, an antirecord was also made: labour productivity increased five times slower than the wages.
Economists warn: a rapid growth in payments in December was determined by seasonality. “A lot of people receive so called thirteenth month’s pays and cash bonuses. That is why the record may well fall in January,” Yauhen Preyherman, Policy Director of Liberal Club, believes.
Vadzim Iosub, a financial analyst of Alpari, stresses that another important factor may have an impact on wage rate: “Over the eleven months of the past year, personal income increased by 20 % while the labour productivity showed only four per cent growth. It means that companies pay out unearned wages again. At that, as far back as last summer the government apprehended the danger of such a step”.
According to Yauhen Preyherman, unreasonable increase of salaries might lead to reoccurrence of the dramatic situation on the Belarusian financial market in 2011.
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