KSH: Hungary’s net wage grows 7.3% in June

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The average gross monthly wage in Hungary was HUF 259,875 in June, up 5.7% from the same period a year earlier, while net wages grew even faster, rising 7.3% to HUF 172,818 a month, Hungary’s Central Statistical Office (KSH) reported today, in a first release of data.

Excluding the 218,200 Hungarians in fostered work programs, the average gross wage rose 6.3% to HUF 275,735, while net wages increased 7.9% to HUF 183,364, Hungarian news agency MTI reported based on KSH data. Full-time fostered workers earned gross HUF 78,615 on average during the month, 1.6% less than in the same period a year earlier, MTI added.

Including fostered workers, about 2,993,400 people were employed in positions requiring them to work at least 60 hours a month on average in Hungary in June, 3.1% more than a year earlier. Excluding fostered workers, the number rose 2.6% to 2,775,200. 

In the first half of the year, average gross earnings in Hungary increased by 6% compared to the same period last year while the minimum wage and the guaranteed minimum wage were up by 5.7%. Due to the 1 percentage point reduction in the rate of personal income tax, in the first six months of the year, there was a rise in average net earnings of 7.6%, a higher increase than that in average gross earnings, according to KSH.

In the first half, full-time employees’ average gross nominal earnings, according to the national concept, amounted to HUF 258,000 at corporations employing at least 5 persons and at budgetary and designated non-profit institutions. Average gross earnings were highest in the financial and insurance fields (HUF 527,200) and lowest in the human health and social work areas (HUF 149,400), according to KSH.

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