Gross wages up 11.5% in August
The average gross wage for full-time workers in Hungary rose 11.5% year-on-year to HUF 358,876 in August, the Central Statistical Office (KSH) said on Wednesday.
Net wages grew at the same pace, reaching HUF 238,653. Calculating with 12-month inflation of 3.1% in August, real wages were up 8.1%.
Excluding the 97,900 Hungarians in fostered work programs, the average gross wage rose 11.0% to HUF 368,677, while net wages grew at the same rate to HUF 245,170, the KSH noted.
Again excluding fostered workers, the average gross wage in the business sector, which includes state-owned companies, rose 11.4% to HUF 370,858. The average wage in the public sector increased 10.5% to HUF 367,687.
Full-time fostered workers earned a gross HUF 82,945 in August, 1.2% more than a year earlier.
In January-August 2019
In January-August, gross wages rose 10.7% compared to the first eight months of 2018, to HUF 359,782. Excluding fostered workers, business sector gross wages rose 11.3%, while public sector wages rose 5.8% in the period.
In January-August, the average gross monthly wage was highest in the finance and insurance sector, at HUF 661,682, and lowest in accommodation and catering services, at HUF 236,212.
Men employed full-time earned a gross HUF 393,600 on average during the period, while women earned HUF 327,300. The rates rose 11.4% and 9.8%, respectively, on an annual basis.
Those aged under 25 earned a monthly gross average of HUF 276,600, while the monthly average was HUF 375,000 for those aged between 25 and 54, and HUF 353,700 for those aged over 54. The year-on-year growth of earnings in the above age groups was 16.7%, 11.0% and 10.3%, respectively.
Along with the 3.4% rise in consumer prices in January-August, compared to the corresponding period of the previous year, real earnings increased by 7.1%.
Earnings data for September, and for the first three quarters of 2019, will be published on November 29.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.