IT, best-paid department in multinationals

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The IT, financial and sales&marketing departments are the ones where employees are best paid, in multinationals, reads a “Total Remuneration Survey, “ carried out by Mercer consulting company.
 
The salary average in an IT department amounts to some 1,3000 euros, pre-tax, that in a financial department stands at 1,2000 euros, in a sales&marketing one at 1,150 euros. The department with the lowest salary average is the production one, where the salary stands at 722 euros.
Oana Botolan, country manager Consulteam, local partner Mercer, said the average was calculated for middle management positions.
The companies participating in the study employ between 800 and 1,400 people.
 
“If we consider the pre-tax pay, strictly, without bonuses, the IT department can have the highest salary. If bonuses are added, the sales&marketing department pays the highest salaries, in my opinion,” said Irina Manolescu, executive manager of consulting and human resources company Career Solutions International.
According to the said study, the highest increases this year were reported for sales, IT and finance managers.
 
Clients have to pass 2% interest rise and 15-25% leu depreciation tests to get a loan The clients that take out new loans need to be able to cope with increases in interest rates by at least 2% and a depreciation of he leu by at least 15% against the euro, and at least 25% against the Swiss franc, according to the minimum stress test required by the National Bank of Romania (BNR) as part of the new individual lending regulations, reads daily Ziarul Financiar on September 8.
 
In other words, the maximum loan that will be possible to get under the new terms will be drastically lower by simulating a hypothetical increase in interest rates from 8.5% to 10.5% and/or an increase in the leu-euro exchange rate to 4.15 leu-euro, for instance, or from 2.2 lei to 2.75 lei in the case of the leu/Swiss franc exchange rate.
Banking sources say the minimal interest and exchange rate increase scenarios have to be applied to determine the indebtedness of a client, so that the bank could have a safety margin and avoid the maximum indebtedness (65-70% of the monthly available income) being exceeded for the duration of the loan.
 
The leu depreciation test by at least 25% against the Swiss franc deals a heavy blow to this financing option through a substantial reduction of the maximum amount that can be borrowed.
The use of the respective caps is supposed to be a condition for getting the National Bank’s approval of the individual lending norms in their updated form after the new regulation comes into force.
The banks have until the beginning of October to integrate the new stress elements required by BNR in their client assessment systems.
 
The interest rate and leu depreciation thresholds were not expressly included in the regulation published in the Official Gazette on August 22, but were provided by BNR during talks with the management of the Romanian Banking Association, which requested additional clarifications to avoid such situations as last year when the norms of some banks were rejected several times when sent for approval.
The application of the new stress elements that may theoretically occur until a credit has been repaid in full – especially if it is about a medium and long-term loan – substantially reduces the maximum amount an individual may borrow.
 
For instance, for an up to fifteen years personal loan, an applicant whose household income is 2,000 euros per month could lose up to 40,000 euros of the maximum amount accessible as a result of the simultaneous application of the stress tests for interest and exchange rates, at an indebtedness cap of 65%.
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