KSH: Gross wages up 4.9% in March
Average gross wages in Hungary saw a year-on-year rise of 4.9%, reaching HUF 247,917 in March, with net wages rising at the same pace to reach HUF 162,387, the Central Statistics Office (KSH) said today in a first release of data.
Calculating with negative CPI of 0.6%, real wages rose by 5.5%, KSH said. Excluding the impact of the fostered workers, who earned just HUF 79,777 in March, gross wages were up 3.2% at HUF 258,453.
The data also include those employed in public work schemes and those working abroad for less than one year. Fostered workers are employed by the government and paid less than minimum wage to work at jobs such as street sweepers or Metro ticket takers.
Under the budget plan for 2016, the allocation for fostered work programs would rise by HUF 70 bln to HUF 340 bln next year, ensuring participation for 240,000 Hungarians. The bill would allocate HUF 138 bln in support for companies that hire disadvantaged workers.
Full-time employees’ average gross nominal earnings according to the national concept amounted to HUF 239,300 at corporations employing at least five persons, budgetary and designated non-profit institutions, KSH said, adding that average gross earnings were the highest in financial and insurance activities (HUF 497,700) and the lowest in human health and social work activities (HUF 145,500).
Data by KSH suggest that a portion of employees at budgetary institutions and non-profit organizations – about 189 thousand persons – received compensation not belonging to wages and salaries.
Average net earnings – excluding family tax benefits – were HUF 156,700 by national concept, and, due to the fact that the rules of deductions from gross earnings have not changed, they rose to the same extent as gross earnings, by 4.1%, KSH said, adding that in 2015, the rules of family tax benefits changed only slightly and had no considerable effect on the average index of net earnings.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.