Gross wages up 11% in first quarter
The average gross wage for full-time workers in Hungary rose 10.2% year-on-year to HUF 367,200 in March, the Central Statistical Office (KSH) said on Thursday. In January-March 2019, average gross earnings amounted to HUF 352,200, up 11.0% compared to the first quarter of 2018.
In March 2019, net wages grew at the same pace as the gross figure, reaching HUF 244,200. In January-March, average net earnings likewise grew at the same pace of 11.0%, to HUF 234,200.
Wage growth in Hungary has been in the double digits for a little more than two years, since the government, employers and unions agreed on a series of minimum wage increases paired with payroll tax cuts, recalled state news wire MTI.
Calculating with 12-month CPI of 3.7% in March, real wages were up 6.3%, the agency added.
Excluding the 96,500 Hungarians in fostered work schemes, the average gross wage rose 9.1% to HUF 377,100 in March, while net wages grew at the same rate to HUF 250,800.
The data sources show the average gross monthly wage was highest in IT and telecoms, at HUF 671,200, and lowest in hotel and catering services, at HUF 235,300.
In January-March, excluding fostered workers, gross wages in the business sector rose 11.7%, while public sector wages rose 5.3% in the period.
Men employed full-time earned gross HUF 385,100 on average during the period, while women earned HUF 320,000.
Along with the 3.2% rise in consumer prices in the first quarter, compared to the same period of the previous year, real earnings increased by 7.6%.
Wage data for January–April 2019 will be published on June 28.
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.