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Hungary's gross wages rise 7.5% in 2008

Gross wages rose 4.6% in the twelve months to December and rose 7.5% in 2008 from 2007, the Central Statistical Office (KSH) said.

Net wages rose 4.6% yr/yr in December and were up 6.8% in January-December 2008.

Real wages rose 1.1% yr/yr in December alone, and were up 0.7% last year, as twelve-month inflation was 3.5% in December and inflation averaged 6.1% in 2008.

The December gross-wage increase was boosted by a 7.4% rise in the private sector, while gross wages in the public sector fell 2.1% yr/yr. The wage increase in the private sector accelerated from a rate of 6.4pc in November, while December gross wage growth in the public sector picked up from a 13.5% hike in the preceding month.

Full-year average gross wages were HUF 198,942 (€791.8) as the result of HUF 192,351 in the private sector, up 8.4% from 2007, and HUF 218,993 in the public sector, 6.2% higher than in the preceding year.

Regular gross wages excluding premium and one-off benefits rose 7.8% yr/yr in December as the result of an 8.8pc rise in the private sector and a 5.5% increase in the public sector. The full-year regular wage increase was 7.4% as a result of an 8.2% rise in the private sector and a 6.0% rise in the public sector. (MTI – Econews)