What has changed at EPAM's office in Belarus over the year: the team is even smaller, salaries are slightly higher
devby examined the financial reports of the Belarusian subsidiary of EPAM Systems.
devby examined the financial reports of the Belarusian subsidiary of EPAM Systems.
In 2024, EPAM’s Belarusian office again spent less on salaries than in the previous year. The company in Belarus also continued to see decreasing revenues and tax payments last year.
Staff size and salary fund
The average number of employees at EPAM Systems Belarus in 2024 was 4,408 people. As a reminder, in 2023 the staff numbered 4,965 people, which means a decrease of 557 people (11%) over the year.
In Q1 2025, the Belarusian office lost another 50 people (1.1%), bringing the average headcount down to 4,358 employees.
How many employees worked at EPAM’s Belarusian office before 2023?
We don’t know exactly what the average headcount of the Belarusian office was in 2022 (according to our data, about 6,000 people at the end of the year), but we know the reduction trend of production staff. At the end of 2021, 9.4 thousand production specialists were employed at the company’s offices in Belarus, by the end of 2022—4.5 thousand, and by the end of 2023—3.5 thousand.
The company spent just under 404 million BYN on labor costs in 2024—3,3% less than in 2023 (417.9 million BYN). The decline isn’t as catastrophic as the previous year (when the salary fund dropped by 38%), but it is still noticeable.
Dividing the salary fund by the number of employees, we get 91,645 BYN, which likely corresponds to the annual gross salary of an average employee. The average monthly gross salary in this case equals 7,637 BYN. In 2023, these figures were lower—84,163 BYN and 7,014 BYN respectively.
From this, we can assume that the BYN salary of Belarusian office employees increased by almost 9%. However, the dollar equivalent didn’t grow. While the average dollar exchange rate in 2023 was 3.001 BYN, in 2024 it rose to 3.245 BYN—a difference of roughly the same 8%.
The report also includes a line for «other payments». The company spent more on these than on salaries, but the trend is also downward: 591.8 million BYN in 2024, 617 million BYN in 2023, and 929 million BYN in 2022.
Revenue and taxes
- The company’s sales revenue in 2024 amounted to 557.4 million BYN. This is 1,3% more than the previous year (550.4 million BYN), but 41% less than in 2022 (943.1 million BYN). Compared to 2021 revenue (1,251.7 million BYN), the current figure is significantly lower.
- Total profit for 2024 was 31.1 million BYN. This is 1.5 times higher than in 2023 (20.2 million BYN), but still 3.5 times less than in 2022 (112.1 million BYN), not to mention 2021, when total profit was 200.5 million BYN.
- Long-term assets of the company at the end of 2024 amounted to 93.02 million BYN. Over the year, they decreased by 14% (108.4 million BYN at the end of 2023). A similar 14% drop was recorded at the end of 2022.
- Retained earnings also decreased: at the end of 2024, they amounted to 240.7 million BYN compared to 308.2 million BYN in 2023 (-22%) and 493.7 million BYN (-51%) a year earlier. At the end of 2021, this figure was 4 times higher—937.2 million BYN.
- Taxes in 2024 amounted to 66.1 million BYN. This is 30,5% less than in 2023 (95.1 million BYN) and 61% less than in 2022 (169.8 million BYN).