Thursday, March 19 2015 20:59
Wages in Armenian insurance system drop 2.8% over year, with number of employees falling 4.2%
ArmInfo. At the yearend of 2014, the average monthly salary in the Armenian insurance system made up 273.5 thsd AMD ($576) per employee, 2.8% less than in 2013. The number of employees dropped by 4.2% to 1,149.
According to the Ranking of Insurance Companies of Armenia by the Agency of Rating Marketing Information (ArmInfo), two out of the six insurance companies raised their employees' wages: Sil Insurance - by 32.6% to 188.5 thsd AMD (with the staff being cut by 7.7% to 204 employees) and Rosgosstrakh Armenia - by 23.1% to 364.1 thsd AMD (with the staff being enlarged by 3.3% to 344 employees).
In the meantime, Nairi Insurance reduced its employees' wages by 50% to 134.3 thsd AMD (with the staff enlarged by 0.6% to 165 employees), RESO - by 12.9% to 647.8 thsd AMD (the staff shrank by 26.1% to 102), Armenia Insurance - by 11.6% to 248.6 thsd AMD (the staff shrank by 6.6% to 85), INGO Armenia - by 11% to 278 thsd AMD (the staff shrank by 1.2% to 249).
The largest staff was registered in Rosgosstrakh Armenia (344), with the smallest being in Armenia Insurance (85). RESO registered the highest average monthly salary per employee (372.8 thsd AMD or $785), with the lowest salary recorded in Nairi Insurance (134.3 thsd AMD or $283).
The wage costs dropped by 6.8% to 3.8 bln AMD or 52.9% of the total administrative expenditure. The payroll fund of Rosgosstrakh Armenia was 1.5 bln AMD, Ingo Armenia - 830.5 mln AMD, Sil Insurance - 461.3 mln AMD, RESO - 456.3 mln AMD, Nairi Insurance - 266 mln AMD, Armenia Insurance - 253.6 mln AMD (On 31 Dec 2014, the AMD/USD exchange rate was 474.97 AMD/$).
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