Hungary’s real wages up 7.4% in 2016
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Real wages in Hungary were up by 7.4% in 2016, compared to the preceding year, along with a 0.4% rise in consumer prices compared to the same period, according to a first release of data published today by the Central Statistical Office (KSH).
Full-time employees’ average gross monthly nominal earnings according to the national concept amounted to HUF 263,200 at corporations employing at least five persons, budgetary and designated non-profit institutions, the KSH said.
Average net monthly earnings – excluding family tax benefits – were HUF 175,000 by the national concept. In 2016, the rules of family tax benefits changed considerably – mainly in the case of families with two children – and this had an effect on the amount and change in net earnings, the KSH noted. Taking into account family tax benefits, average monthly net earnings were estimated at HUF 182,200, according to the stats office.
Monthly average gross wages and salaries according to the SNA concept amounted to HUF 277,200. Within this indicator, the share of other wages and salaries was 5.1% on average, while along with the 6.1% increase in gross earnings, net earnings grew by 7.8% due to changes in personal income tax rules, according to KSH data.
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