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Gross wages up 4.7% yr/yr in June

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Gross wages in Hungary rose 4.7% in June from the same month a year earlier, the Central Statistics Office (KSH) said on Friday.

Wage growth slowed from a 6.7% increase in May.

Gross wages climbed 4.1% in the business sector and were up 4.9% in the public sector in June.

Net wages rose 5.9% in June, compared to a 7.5% increase in May. Net wages rose 6.8% in the business sector and were up 3.1% in the public sector.

Real wages rose 2.3%, calculating with May CPI of 3.5%.

Gross regular wages, which exclude bonuses and one-off payments, rose 5.5% in June, at a slightly slower rate than the 5.7% in May. Business sector gross regular wages rose 5.1% to HUF 201,464. Public sector gross regular wages were up 5.2% at HUF 193,816 in June.

The increase in the public sector was boosted by the regular wages of those employed in public work schemes. Regular wages of participants in the program, if they worked full-time, climbed 8.7% to HUF 82,211. (The minimum wage rose from HUF 73,500 in 2010 to HUF 78,000 in 2011.)

Including extras, gross wages averaged a monthly HUF 216,293 in the business sector in June and HUF 203,972 in the public sector. Excluding those in public work schemes, public sector gross wages fell 5.8% to HUF 203,821.

Gross wages rose 3.6% in January-June from the same period a year earlier as business sector wages climbed 5.3% and public sector wages fell 1.1%.

Gross regular wages rose 4.9% during the period. Regular wages rose 4.1% in the business sector and were up 6.2% in the public sector.

Net wages rose 5.2% in January-June, excluding the effect of the new family tax allowance but including the effect of changes to personal income tax rules.

Gross wages rose on average 1.4% in 2010 after edging up just 0.6% in 2009. Business sector gross wages rose 3.3% in 2010 after rising 4.3% in 2009. Including the wages of workers in public work schemes, public sector gross wages fell 2.7% in 2010 after a 7.9% drop in 2009.

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