WARSAW (Reuters) - Among Polish companies, 46% will likely cut the salaries of their workforce, while 28% plan layoffs, because of the economic consequences of the coronavirus pandemic, a poll released on Monday by state Polish Economic Institute (PEI) found.
Poland, a country of 38 million, has reported 4,201 cases of the novel coronavirus, including 98 deaths. It expects the peak of infections to be in May or June.
Agora (WA:AGOP), one of Poland's biggest media groups, said on Monday, it planned to cut salaries by 20% for six months and to establish terms for redundancies at one of its companies.
"Almost one fifth of companies in Poland has no financial reserves and 30% has reserves for one or two months only," the Institute said.
"The main strategies for employers' survival are salary cuts (of up to almost 50% of wages), job cuts and use of (state) benefits," it also said.
The statistics office says many workers earn less than 2,000 zlotys (384.93 pounds) per month after tax and the average salary in Polish industry is 4,918 zlotys before tax.
Poland has approved a rescue package for the economy, which will cost the state budget up to 75 billion zlotys.
The package has been criticised by the opposition as inadequate as it focuses mainly on small companies, while entrepreneurs say bureaucratic hurdles have made it difficult to access state help. The government is working on extending the plan.
Analysts have said they expect the economy to shrink up to 4% this year as a result of restrictions on public life to try to curb the spread of the new coronavirus.