Average gross earnings up 13.2% in August
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In the first eight months of 2017, both gross and net earnings grew to the same extent, by 12.7%, compared to the equivalent period of the previous year, according to a first release of earnings data from the Central Statistical Office (KSH).
Rises of 15% in the minimum wage and 25% in the guaranteed minimum wage, as well as salary adjustments affecting specific areas of the public sector and the employees of state-owned public service companies, had an impact on earnings growth.
In August 2017, average gross monthly nominal earnings of full-time employees according to the national concept amounted to HUF 292,400 at corporations employing at least five persons, budgetary and designated non-profit institutions.
Average net monthly earnings by the national concept were HUF 194,500 excluding family tax benefits, and HUF 202,400 including such benefits.
Both gross earnings and net earnings grew by 13.2% compared to the corresponding month of the previous year.
In January–August 2017, average gross nominal monthly earnings of full-time employees according to the national concept amounted to HUF 290,600 at corporations employing at least five persons, budgetary and designated non-profit institutions.
Average gross monthly earnings were the highest in financial and insurance activities (HUF 564,400), and the lowest in human health and social work activities (HUF 180,800).
Average net monthly earnings in the first eight months – excluding family tax benefits – were HUF 193,300 by the national concept. In 2017, family tax benefits rose in the case of families with two children, which had an effect on the amount and change of net earnings. Taking into account family tax benefits, average net monthly earnings in January–August are estimated at HUF 201,100.
Monthly average gross wages and salaries according to the SNA concept amounted to HUF 304,700. Within this indicator, the share of other wages and salaries was 4.6% on average.
Both gross earnings and net earnings grew to the same extent, by 12.7% compared to the previous year.
Along with a 2.4% rise in consumer prices compared to the same period of the previous year, real earnings increased by 10.1%.
Regular gross earnings (gross earnings without premiums and one-month bonus) increased to the same extent as average gross earnings, by 12.7%.
Wages and salaries according to the SNA concept were 12.3% higher than a year earlier.
Earnings figures for January–September 2017 will be published by the KSH on November 22.
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