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Gross wages up 10.4% y-o-y in November

Telco

In November 2018, average gross monthly earnings amounted to HUF 355,100, a 10.4% increase compared to November 2017, according to data published by the Central Statistical Office (KSH). In January–November 2018, average gross earnings rose by 11.5% compared to the corresponding period of 2017.

An upsurge in labor demand, rises of 8% in the minimum wage and 12% in the guaranteed minimum wage, as well as salary adjustments affecting specific areas of the public sector and the employees of some state-owned public service companies, had an impact on earnings growth, the KSH noted.

In November 2018, average net earnings amounted to HUF 236,100 excluding family tax benefits, and HUF 244,700 including them. Compared to November 2017, both gross earnings and net earnings increased by 10.4%.

Real wages were up 7.1% in November, calculating with November CPI of 3.1%.

In the first 11 months of 2018, average gross monthly earnings amounted to HUF 327,200, while average net earnings came to HUF 217,600, both up 11.5% compared to the corresponding period of the previous year.

In 2018, family tax benefits rose further in the case of families with two children. Taking into account family tax benefits, average net earnings in January-November are estimated at HUF 226,200.

The financial and insurance activities sector posted the highest average gross earnings (HUF 599,800) in the first 11 months of the year, while at the other end of the spectrum, those working in accommodation and food services earned HUF 210,800 on average.

Taking into account the 2.8% increase in consumer prices compared to January-November 2017, real earnings grew by 8.5% in the first 11 months of 2018.

Earnings figures for December, and for the full year of 2018, will be published on February 21.

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