Growing real wages, stagnating employment
Monday, May 16, 2005, 00:00
In Q1, gross nominal wages in the private sector grew 6.5%, while net earnings increased by 8% year-on-year, the Central Statistics Office (KSH) reported. The corresponding figures in the public sector were 27.6% and 25.2% due to the fact that the additional one-month salary that all state employees have received as a bonus in December so far are paid in January as of this year. Without this extra income and performance bonuses, civil servants and other public service employees made 7.4% more on average in Q1 than a year earlier. Monthly wages across the national economy averaged Ft 167,400, with real wages rising 9.7% on the first three months of 2004.
Employment figures increased by 0.6% in the private sector and declined by 1.4% in the state sector. The number of employees working for the state or companies with a staff of 5 or more totaled 2.77 million between January and March, nearly the same as a year before.