Staff Cuts in Banks

Is It Safe?

Is It Safe?

According to analysts and bankers, Poland’s banks, which employ a total of 170,000 people, are preparing for a series of dismissals for the first in a decade because of a decline in profits and government plans to charge the banking sector with additional costs. Last year, exceptionally low interest rates resulted in the loss of a quarter of the stock market value of some banks. New taxes put forward by the Law and Justice (PiS) government on assets and its plans to force banks to transform Swiss Franc mortgages into Polish złoty cause for concern because the decline in the value of the Franc has made mortgages too expensive for home owners. “By the end of 2017, new fees and taxes that have been recently forced on banks will result in the dismissal of 5% to 8% of the sector’s personnel,” says Mieczysław Groszek, vice president of the banking lobby of the Polish Bank Association (ZBP). One bank source claims that these dismissals may be higher. “For weaker banks, the reduction in personnel will reach around 10% to 20%. Thankfully, no cuts have taken place yet but HR departments are already beginning to evaluate the potential scale of the challenge ahead: the Excel spreadsheets have been prepared,” says one anonymous source.
biznes.onet.pl

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Unemployment Continues to Fall

Future Looks Bright

Future Looks Bright

According to GUS (the Central Statistical Office of Poland), the unemployment rate fell by 0.5% in one month to bring the rate to 10.3% in June. Falling unemployment is a continuing trend in Poland and suggests that it may soon drop to below the magic rate of 10%. Last year the unemployment rate averaged 12% across the country. Experts believe that the tendency is thanks to steady economic growth, which enables employers to hire more people and has also triggered an improvement in the quality of work places. In June, reports on industrial production revealed a growth of 7.6%, and an increase in retail sales of 6.6%. The unemployment rate fell across all regions of Poland but primarily in ones where the level of unemployment was highest. In Warmia and Mazury, the unemployment rate dropped by 0.7% in a month. It is estimated that the unemployment rate will continue to fall until September or October and stabilise at under 10%.
forbes.pl

Volatile Job Market

Decisions, Decisions

Decisions, Decisions

According to the Labour Market Monitor survey prepared by the Randstad Research Institute, 27% of Poles have changed their job in the last six months. This is the highest score in the European Union, where the average is 20%. What is more, 34% of employees declared that they are currently looking for a new job. Randstad recently announced the results of their latest quarterly internet survey conducted in May and June over in 35 countries in Europe, Asia, the Americas and Australia. Around 15,000 people were surveyed, aged 18-67, who work a minimum of 24 hours a week. 814 respondents were from Poland.
pb.pl

Sue Your Employer

Show Me the Money

Show Me the Money

Research by TNS Poland for KRD Economic Information Bureau shows that 75% of Polish people have no excuse for employers not paying their salaries on time. The precarious financial situation of an enterprise was listed as one of the reasons for a delay or lack of salary. Only 8% of Poles would accept their salaries being sacrificed to rescue an enterprise from bankruptcy. Meanwhile, the economic slowdown and capital expenditure were excuses that only a very small percentage of Poles found acceptable. In 2014, the National Labour Inspectorate recorded a delay of salary payments for a total of more than PLN 171 million. Konrad Siekierka from VIA LEX claims that, ”We have certain responsibilities as employees, but so do our employers. The punctual payment of salaries is one of them.” He adds, ”An employer who does not pay salaries should be asked in writing to pay the outstanding salary. If the employer does not fulfill this obligation within a determined deadline, my advice is to file a lawsuit to the Labour Court as soon as possible. The sooner we obtain a judicial decision, the more chances we have to recover our money. Not everyone is also aware that for any delay of salary, we are also entitled to statutory interest which currently amounts to 8%.”
kariera.forbes.pl

Polish Younger Generation

Polish Entrepreneurship

Polish Entrepreneurship

The financial position of young people in Poland can serve as a reference for the economic situation in general. The way in which the younger adult generation deals with the cost of living displays not only the present situation, but also what the future entails. It shows whether they can earn enough to make ends meet, to put aside money for buying a house or investing in the future. Research confirms that the financial situation of young people in Poland is difficult. Despite the fact that around three-quarters of Poles aged 18 to 35 years are employed, only half of them have full-time jobs and as much as one-third is not able to sustain themselves. Each household spends PLN 2,120 a month, whilst their average income is PLN 2,699. This means that they only have a disposable income of PLN 579 (to spend on clothes, shoes, home appliances, hobbies or investing in the future) every month. The living conditions and qualifications of Poland’s young adults not only reflects the economic nous, entrepreneurship and competitiveness of Poles, but also their ability to attract new foreign partners.
forbes.pl

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Worst Paid Sector in Poland

Poorly Paid

Poorly Paid

Last year, art and culture was the worst paid sector according to a study conducted by Sedlak & Sedlak. Half of employers earned less than PLN 3,000 per month gross. The salary of 25% of the best-paid workers in art and culture exceeded PLN 4,000 gross per month. On the other hand, 25% of the employees with the smallest salary did not even make PLN 2,300 per month. In comparison, the IT sector had the highest wages in 2013, and employees with the best salaries earned no less than PLN 9,166; the lowest were at least PLN 4,000 gross per month. The gap between salaries for men and women employed in the art and culture sector was negligible. Women employed in this sector earned a mere 1.6% more then their male colleagues. The average salary for managers in art and culture was PLN 4,000 gross per month, while the best paid employees earned more than PLN 6,000. The average pay of an expert worker amounted to PLN 2,900, with middle-ranking employees earning PLN 2,274 per month.
finanse.wp.pl

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Resourceful High School Graduates

More Jobs

More Jobs

According to the Central Statistical Office of Poland (GUS), the unemployment rate was 9.3% lower in June 2014 than in June 2013. Over the course of one year, the unemployment rate among people with middle school education has fallen by 8.2%, while among people with higher education it has decreased by 9.2%. On the other hand, the unemployment rate among people who completed only vocational schools or post-secondary schools has fallen by 11.5%. The greatest fall of unemployment was noted among high school graduates, 12.3%. “The small drop in the unemployment rate among people without any qualifications is not surprising since the demand for such employees is negligible. This situation will not change,” states Professor Elżbieta Kryńśka from the University of Łódź. There are over 534,000 registered unemployed people in Poland, while 560,000 have a job (this includes work in the grey and black economy). However, the situation is different when it comes to people with higher education. “The economic revival and seasonal changes have not significantly changed the situation of people with higher eduaction on the job market,” states professor Urszula Sztanderska from Warsaw University. Only in the long run during the economic boom were college graduates able to find a job easily because companies invested more and the demand for specialists increased.
serwisy.gazetaprawna.pl

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