Gains in Real Wages

One reason for job stability in Europe could be that many large employers, under pressure from global competition, arc only now shiftingproduction to low-wage countries and scaling back middle-management positions, steps that seem likely to result in some layoffs. But over-all, the ILO found that "tenure does seem to be at least stable, or even increasing, over time."

For those without a job, however, the European data aren't reassuring. The ILO found that nations that are members of the European Union saw unemployment rise last year to an average of 11.3%. In Eastern and Central Europe, meanwhile, unemployment rates fell slightly but remained at 11.6% or more in Bulgaria, Hungary,Slovenia and Slovakia. In Russia and some other former Soviet republics, unemployment rose.

On the plus side, the ILO found solid gains in real wages last year among many countries of the former Eastern bloc, with the Czech Republic posting a rise of 7.8%; Romania, 21.8%, and Lithuania, 10%. But Bulgaria and Hungary saw real wage declines of 19% and 10%, respectively.

Figures on joblessness in most developing countries weren't up-to-date, the ILO said.

G.Zachary ("Wall Street Journal Europe ")

Комментарии employee tenure – непрерывный стаж;

layoffs and downsizing – увольнения и сокращения:

arcane = understood by only few;

dwindling = falling, diminishing;

perception = approach;

flawed = incorrect;

to scale back - to cut, reduce gradually;

posting – registering;

real wage; cp. take-home pay («чистыми»).

Тема: Банки