KSH: Gross wages in Hungary up 5.8% in January

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Average gross earnings in Hungary were up 5.8% in January as compared to the same month a year earlier, with a 5.7% rise in the minimum wage and the guaranteed minimum wage, Hungary’s Central Statistical Office (KSH) said today. Net earnings grew by 7.4% due to changes in personal income tax rules.

Due to the 1% reduction in the rate of personal income tax, the rise of average net earnings was 7.4%, higher than that of average gross earnings, KSH said.

The salaries of armed forces and the payment of an additional allowance for those working in the social services sector had an impact on earnings growth in January.

In reference to January, along with the 0.9 percentage point rise in consumer prices, real earnings increased by 6.4%, KSH reported, adding that regular gross earnings (gross earnings without premiums and one-month bonuses) increased by 0.4 of a percentage point less than average gross earnings. KSH data show that wages and salaries according to the SNA concept rose by 5.7%.

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