The savings Bank has increased the salaries of employees for the first time since 2014

Sberbank has indexed the salaries of employees, which caused the increase in operating expenses by 8.5% in the first five months of this year compared to the same period last year, according to a press release of Sberbank on the results of the reporting under the Russian standards in may.

In December 2015, the head of the Bank German Gref said that from April 1 2016 will start the indexation of salaries in the state Bank, and rank and file employees will receive a raise in the amount of 8-12%. The same will be raised and salaries of managers, but from 1 July, reported the head of the state Bank. He also noted that the increase in wages will cost the Bank tens of billions of rubles, transferred by the Banks.<url>.

Last time Sberbank increased the salary of ordinary employees in April 2014.

As says the analyst of “Aton” Michael Ganelin, Sberbank can afford to index the salaries of employees due to good financial results. By the end of 2015, the profit of the Bank made 236,3 billion rubles., and in may of this year — 42 billion rubles.

Typically, large companies are trying to index wages for inflation, however, may conduct staff reductions to improve operating efficiency, said Ganelin. Thus, the total personnel costs may remain constant. As the findings of the quarterly reporting, the average number of employees in Sberbank in the first quarter of 2016 have reduced compared to the first quarter of the previous year with 268 thousand to 261 thousand and also Decreased the accrued wages Fund for the reporting period from 35.9 billion to 35.4 billion rubles in 2015, However, the average number of employees and salary Fund was increased compared to 2014, with 257 thousand 194,3 billion to 265 thousand people and amounted to 197.6 billion rubles.respectively.

Noticeable the indexation of salaries in the banks who seek to reduce spending, cut bonuses and other payments, the exception rather than the rule, says leading S&P analyst Sergey Voronenko. According to the results 2015 inflation was 12.9%, and to index wages to a comparable level could not all, says Voronenko. Banks, decided to increase the salaries of its employees, mostly been limited to 5%, he said.

With the exception of state-owned banks. For example, last year the expenditure on staff salaries increased Gazprombank: this article in its IFRS financial statements for the year 2015 increased by 27% compared to the previous year. However, in 2014, the Bank reduced staff by 13%, says Voronenko. VTB group increased its personnel costs in 2015 on 11%, and in 2014 by 4%, he adds.

According to Rosstat, in 2015 the average salary in Russia in real terms decreased by 9.5%. However, in 2016, inflation expectations are lower, and the indexation of wages to inflation is more likely, said Mr. Voronenko. Now the annual inflation decreased to 7.3% versus 8.1% in February and 9.8% in January and 12.9% in December.

Chief analyst of Sberbank Mikhail Matovnikov says that there is no direct connection between the indexation of wages and the level of inflation: it all depends on the company’s financial status and performance level. The mite can also make the competition for talent. In Russia relatively low unemployment rate, which enables people to change jobs, if they cease to hold.

expect a review of the savings Bank.