Hungarian wage growth reaches 12.8 pc, average net wage was 672 euros

The average gross monthly wage in Hungary stood at 326,724 forints (EUR 1,010) in July, up 12.8 percent year-on-year, the Central Statistical Office (KSH) said on Thursday.

Gross wage growth has been in the double digits since early last year, lifted by an agreement on minimum wage increases as well as a labour shortage.

As we wrote before, with the beginning of September, schools are open to greet enrolled students once again. However, there might not be enough teachers to take care of them due to the crisis of the education system, read more HERE.

The average net monthly wage was 217,271 forints (672 euros), also up by 12.8 percent.

The average monthly wage included about 17,947 forints in bonuses and benefits.

Excluding the some 113,400 Hungarians in fostered work programmes, gross wages rose by 11.4 percent to 337,058 forints and net wages stood at 224,143 forints. Fostered workers working full time earned a gross monthly 82,219 forints on average in July, 0.9 percent more than a year earlier.

Real wage growth came to 9.1 percent, calculating with a July CPI of 3.4 percent.

In the business sector, which includes state-owned companies, gross wages were up 11.1 percent at 335,084 forints in July. Excluding fostered workers they rose by 10.9 percent to 335,588 forints.

In the public sector, gross wages climbed 16.9 percent to 312,847 forints. The rise was 12.9 percent excluding fostered workers, to 347,440 forints a month.