Gross wages rise 5.2% yr/yr in September
Gross wages in Hungary rose 5.2% yr/yr in September, the Central Statistics Office (KSH) said on Friday.
Wage growth slowed from a 6.5% increase yr/yr in August. Wage growth in annual comparison accelerated from June’s 4.6% until August.
Gross wages rose 3.5% in twelve months in the business sector, slowing from 5.4% in August, and public sector gross wages were up 8.2% yr/yr, somewhat faster than the 8.0% increase in August.
Excluding the wages of those employed in public work schemes, public sector wages rose 3.1% yr/yr in September.
Regular gross wages, excluding one-off items and bonuses, rose 4.3% yr/yr in September, also less than the 4.8% increase in August, and public sector regular wages rose 7.5%. Regular wages in the business sector rose more than headline wages did while the pace of growth was lower for regular wages in the business sector.
Excluding those employed in public work schemes, regular public sector wages rose 2.5% yr/yr in September.
Net wages rose 5.7% yr/yr in September after increasing 6.8 % in August. Net wages rose 5.6% yr/yr in the business sector after a rise of 7.2% in August, and were up 5.1% in the public sector, after adding 4.9 % in August.
January-September gross wages were up 4.4% yr/yr, including 4.9% higher wages in the business sector and 2.3% higher wages in the public sector.
Regular gross wages in the first nine months rose 5.2%, with a 4.2% rise in the business sector and a 6.7% rise in the public sector.
January-September net wages were up 5.7 % yr/yr. They grew 7.5% in the business sector, and 0.8% in the public sector.
KSH said that about 46% of full-time public sector employees received an average HUF 5,200 a month in the first nine months as compensation for the effect of personal income tax changes which reduced their net wages. The compensation is not part of the wage.
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.