Hungaryʼs real wages up 7.6% in Jan-Sept

Telco

shutterstock

Real wages in Hungary were up 7.6% in the January-September period, as compared to the corresponding period of 2015, alongside a 0.1% rise in consumer prices, the Central Statistical Office (KSH) reported today in a first release of data.

In the period concerned, average gross earnings amounted to HUF 257,900, an increase of 6.1% compared to the same period of the previous year. Along with the increase in gross earnings, net earnings grew by 7.7% due to changes in personal income tax rules. 

Average net earnings in the period, with the exclusion of family tax benefits, were HUF 171,500 by the national concept, the KSH said, while taking into account family tax benefits, average net earnings were estimated to be HUF 178,700. This year, the rules of family tax benefits changed considerably – mainly in the case of families with two children – and this had an effect on the amount and change in net earnings, the KSH noted.

Regular gross earnings (gross earnings without premiums and one-month bonuses) increased by 0.1 percentage point less than average gross earnings, while wages and salaries according to the SNA concept were 6.0% higher than a year earlier.

In September alone, full-time employees’ average gross nominal earnings according to the national concept amounted to HUF 257,900 at corporations employing at least five persons, budgetary and designated non-profit institutions, the KSH said. Average net earnings by the national concept were HUF 171,500 excluding family tax benefits and HUF 178,700 including them, the KSH added. Along with the 6.7% increase in gross earnings, net earnings grew by 8.3% compared to the same period of the previous year due to changes in personal income tax rules, according to the KSH.

ADVERTISEMENT

Reforms to raise productivity would strengthen recovery - OE... Analysis

Reforms to raise productivity would strengthen recovery - OE...

Meeting called to address Pegasus spyware lacks quorum  Parliament

Meeting called to address Pegasus spyware lacks quorum 

Skanska commercial dev unit names new EVP of operations Hung... Appointments

Skanska commercial dev unit names new EVP of operations Hung...

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

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.