UPDATE - Gross wages rise 6% yr/yr in November

Deals

Gross wages in Hungary rose 6.0% yr/yr in November, little changed from 6.1% in October, the Central Statistics Office (KSH) said on Friday.

The rise was from a low base, as gross wages fell 1.2% in the twelve months to November 2010 after a 1.2% rise in October 2010.

Gross wages growth picked up in the business sector, to 5.5% yr/yr in November from 4.7% yr/yr in October. Gross wages rose, in contrast, at a slowing pace in the public sector, where they were up 6.2% yr/yr after rising 8.7% in October.

Excluding the wages of those employed in public work schemes, public sector gross wages rose 2.3% in the twelve months to November. The increase slowed from 3.1% yr/yr in October.

Regular gross wages, excluding one-off items and bonuses, rose 4.9% yr/yr in November, less than overall wages did. Public sector regular wages rose 3.1% and regular wages in the business sector rose 5.4%, both less than did headline wages.

Excluding those employed in public work schemes, regular public sector wages fell 0.5% from a year earlier in November.

The average gross wage in the business sector was HUF 232,351 in November, of which HUF 202,728 was in regular wages. Excluding those on public work schemes, public sector workers earned on average gross HUF 220,309 a month, including regular wages of 201,269.

Those employed in public work schemes full-time earned an average gross HUF 73,726 in November, 2.1% less than a year earlier, the figures show. 46% of those on such schemes were employed full-time in November.

Net wages rose 7.9% yr/yr in November after increasing 6.6% in October. November net wages averaged HUF 153,136 a month in the business sector, rising 9.1% yr/yr to after 6.6% rise in October. Net wages in the public sector including public work schemes, at HUF 140,183, were up 4.3% after rising 5.9 % in October.

January-November gross wages were up 4.7% yr/yr. They grew 4.9% in the business sector and 3.2% in the public sector.

Regular gross wages in the first eleven months were up 5.2% from a year earlier, with a 4.4% rise in the business sector and a 6.4% rise in the public sector including the wages of those on public work schemes.

January-November net wages were up 6.0% yr/yr. They grew 7.5% in the business sector, and 1.6% in the public sector.

KSH said that about 45% of full-time public sector employees received an average HUF 5,200 a month in the first eleven months as compensation for the effect of personal income tax changes which reduced their net wages. The compensation is not part of the wage.

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