Oil companies freeze salaries or ask their employees to agree to lower income

Romania’s largest company, Petrom, leader of the domestic fuel distribution market, is expected to finalize negotiations with trade unions on the subject of 2009 salaries by February. According to sources within the company, management plans to freeze salaries, while trade unions want these raised in line with inflation, by at least five percent.

The management of the country’s second-largest player on the local oil market, Rompetrol group, suggested that employees agree to a voluntary one fifth drop in their salaries for six months, with the difference to be made up later. This measure follows the decision of Rompetrol’s Chief Executive Officer, Dinu Patriciu, to suspend 20 percent of his salary for half a year as of January 2009. Over 80 percent of the company’s managers have agreed to this measure.