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UPDATE - Gross wage growth accelerates to 6.2% in July

Gross wages in Hungary rose 6.2% in July from the same month a year earlier, the Central Statistics Office (KSH) said on Friday.

Wage growth accelerated from a 4.7% increase in June.

Gross wages climbed 3.4% in the business sector and were up 12.9% in the public sector in July.

Net wages rose 6.8% in July, compared to a 5.9% increase in June. Net wages rose 5.7% in the business sector and were up 9.2% in the public sector.

Real wages rose 3.6%, calculating with July CPI of 3.1%.

Gross regular wages, which exclude bonuses and one-off payments, rose 5.4% in July, at a slightly slower rate than the 5.5% increase in June. Business sector gross regular wages rose 4.1% to HUF 200,121 a month. Public sector gross regular wages were up 8.1% at HUF 197,532.

The increase in the public sector was boosted by the regular wages of those employed in public work schemes. Regular wages of participants in the program, if they worked full-time, climbed 8.1% to HUF 81,554. (The minimum wage rose from HUF 73,500 in 2010 to HUF 78,000 in 2011.)

Including extras, gross wages averaged HUF 210,813 a month in the business sector in July and HUF 210,963 in the public sector. Excluding those in public work schemes, public sector gross wages rose 7.8% to HUF 215,013.

Gross wages rose 4.0% in January-July from the same period a year earlier as business sector wages climbed 5.0% and public sector wages were up 0.7%.

Gross regular wages, excluding bonuses and one-off payments, rose 5.0% during the period. Regular wages rose 4.1% in the business sector and were up 6.5% in the public sector.

Net wages rose 5.5% in January-July, excluding the effect of the new family tax allowance but including the effect of changes to personal income tax rules.

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