The latest PwC Global Living Wage Survey report currently shows that only a quarter of companies worldwide currently pay their employees a living wage, but more than 50% of companies still do not offer a living wage, saying they want to achieve this goal within the next five years . years maximum

The introduction of a fair wage level is becoming a priority for more and more companies, this measure is closely related to the large number of regulations and recommendations of the European Union (EU) and the United Nations (UN) aimed at obtaining a wage that ensures a decent the lives of as many people as possible.

Although there is no official definition of fair wages at the national level, the definition of the concept adequate salary was recently consecrated at the European level, through Annex no. 2 to the Delegated Regulation of the European Commission of July 31, 2023 – the act adopting the European Sustainability Reporting Standards (ESRS). In particular, appropriate salary is a wage that meets the needs of the worker and his family, taking into account the national economic and social conditions. At the same time, given the standards of the ILO (International Labor Organization), it may reflect a level of remuneration that allows the worker and his family to cover their basic needs, pay the taxes they owe and be able to save for emergency reserves. A fair wage exceeds the statutory minimum wage in many countries where it exists. PwC research shows that this is the case in 82% of the states for which information was included in the report.

Read the rest of the article on the PwC Romania blog

The article was signed by Oana Munteanu, Director of PwC in Romania, Sonia Belenescu, Senior Associate at D&B David and Baias Florina Ilieu, Manager of PwC in Romania

Article supported by PwC Romania