Hungarian gross wages up more than 13% in July
Photo by Pixabay
The average gross monthly wage in Hungary rose 13.1% year-on-year to HUF 290,500 in July, the Central Statistical Office (KSH) said on Wednesday. Business sector wage growth has been slower than in the public sector.
Full-time employees’ average gross monthly nominal earnings according to the national concept amounted to HUF 290,500 at corporations employing at least five persons, budgetary and designated non-profit institutions.
Average net earnings by the national concept were HUF 193,100 excluding family tax benefits, and HUF 200,900 including them. Net wages grew at the same pace as gross wages, also climbing 13.1%.
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, impacted earnings growth, said the KSH.
Excluding the 164,200 Hungarians in state-sponsored fostered work programs in July, the average gross monthly wage rose 11.8% to HUF 303,824, while net wages also increased 11.8% to HUF 202,042. Full-time fostered workers earned a gross HUF 81,500 on average during July, 3.4% more than in the same period a year earlier.
The number of fostered workers was slightly down from the 169,000 registered in June. Their number fell 21.6% year-on-year in July.
Calculating with July twelve-month CPI of 2.1%, real wages were up 10.77%. Regular gross wages rose 13.3% to HUF 276,901, and rose 12.1% to HUF 289,413 without fostered workers. Excluding fostered workers, business sector gross wages rose 12% year-on-year, and regular wages in the sector rose by 12.4%.
In January-July, full-time employees’ average gross monthly nominal earnings according to the national concept amounted to HUF 290,300 at corporations employing at least five persons, budgetary and designated non-profit institutions. Both gross and net wages were up 12.6% compared to the first seven months of 2016, and rose 11.7% without fostered workers from a year earlier.
Excluding fostered workers, business sector gross wages rose 11.1% and public sector wages rose 13.8% in the seven-month period.
The number of employed was up 0.9% overall at 3,027,700 in July and rose 1.9% in January-July. The rises were 2.6% and 3.1%, respectively, if fostered workers are excluded.
The number of business sector employees rose 2.3% to 2,031,700 in July without fostered workers in the sector. Also without fostered workers, the number of public sector employees grew 1.3% to 707,500 in July. The January-July average was up 0.2% year-on-year.
MET Group Records 2nd Most Profitable Year in 2023
Gov't Considering Fuel Price Intervention
Wienerberger Lays Cornerstone of HUF 12 bln Concrete Tile Pl...
Time Out Market to Open in Budapest Next Year
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.
