Hungaryʼs gross earnings up 12.9% in May

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Hungary’s average gross earnings were up by 12.9% to HUF 296,100 in May, as compared to the same month a year earlier, while they grew by 12.1% to HUF 288,900 in the January-May period, according to a first release of data published by the Central Statistical Office (KSH) today.

Rises of 15% in the minimum wage and 25% in the guaranteed minimum wage, as well as salary adjustments affecting specific areas of the public sector and the employees of state owned public service companies had an impact on earnings growth, KSH reported.

In the January-May period, average gross earnings were the highest in financial and insurance activities (HUF 568,800) and the lowest in human health and social work activities (HUF 178,900), according to KSH data. 

Average net earnings – excluding family tax benefits – were HUF 192,100 by national concept, KSH added. Monthly average gross wages and salaries according to the SNA concept amounted to HUF 302,700, KSH reported.

Along with the 2.4% rise in consumer prices compared to the same period of the previous year, real earnings increased by 9.5%, in the January-May period. Regular gross earnings (gross earnings without premiums and one-month bonus) increased more than average gross earnings, by 12.5% Wages and salaries according to the SNA concept were 11.9% higher than a year earlier, according to KSH.

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