KSH: Wages continue to grow in May
Wages in Hungary kept increasing in a record pace in May. Average gross monthly wages were up by 6% in May compared to the same month a year earlier, while in the January-May period average gross monthly wages rose by 6.1% year-on-year, a first reading of data by the Central Statistical Office (KSH) showed today. Because of tension in the labor market, net real wages grew nearly a record 7.8% in May, according to portfolio.hu.
The 5.7% rise in the guaranteed minimum wage, as well as salary increases in the armed forces and the payment of an additional allowance for those working in the social sector impacted earnings growth, the KSH noted.
Due to a 1 percentage-point reduction in the rate of personal income tax, the rise in average net monthly earnings in the first five months of the year came to 7.7%, higher than the rise in average gross earnings, according to KSH data.
In the January-May period, average gross nominal monthly wages of full-time employees, calculated according to the what the KSH defines as the national concept, amounted to HUF 257,700 at corporations employing at least five people, and at budgetary and designated non-profit institutions.
KSH data show that average gross monthly wages were highest in the financial and insurance sectors (HUF 529,600) and lowest in the healthcare and social sectors (HUF 149,600). Average net monthly earnings – excluding family tax benefits – amounted to HUF 171,300 by the national concept, the KSH reported.
With average gross monthly wages rising by 6.1% and net wages by 7.7% year-on-year in the first five months of 2016, alongside a 0.2 percentage-point rise in consumer prices, real wages thus grew by 7.5%.
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