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Hungary gross wages rise 4.8% yr/yr in February

Gross wages in Hungary rose 4.8% in the twelve months to February as wages rose both in the business and in the public sector in the period, the Central Statistical Office (KSH) said on Tuesday.

The twelve-month rise followed a 1.6% increase in January.

Gross wages rose 4.3% yr/yr in the business sector in February after rising 8.4%, boosted by one-off effects, in January.

January-February gross wages were up 3.1% of which regular wages excluding bonuses and one-off payments rose 4.1%. In the first two months, business sector wages rose 6.4% yr/yr, including a 3.5% rise in regular gross wages.

Gross wages in the public sector rose 4.6% in the twelve months to February after dropping a sharp 12.5% in January. The figures include the low wages of those on public work schemes as well as compensation to paid monthly in 2011 for low-earners adversely affected by the introduction of the flat 16% personal income tax and phasing out of several write-offs.

Regular public sector gross wages rose 4.9% yr/yr, more than headline wages did, in February.

Net wages rose 5.7% yr/yr in February, excluding the effect of the new family tax allowance.

Gross wages rose on average 1.4% in 2010 after rising just 0.6% in 2009. Business sector gross wages were up 3.3% last year after rising 4.3% in 2009. Including the wages of workers on public work schemes, public sector gross wages fell 2.7% in 2010 after a 7.9% drop in 2009.