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Aug 23, 2018

Average Hungarian wage now stands at 341,719 HUF per month

According to official data, gross wage growth has been lifted by an agreement on minimum wage increases as well as a labor shortage

The average Hungarian wage is now above 1,000 euros a month, new figures show.

According to official data, gross wage growth has been lifted by an agreement on minimum wage increases as well as a labor shortage.

The average monthly wage included 22,622 HUF in bonuses and benefits. The average net monthly wage was 219,167 HUF, 11.2 percent higher.

Excluding the some 131,200 Hungarians in fostered work schemes, gross wages rose by 10.1 percent to 341,719 HUF, while net wages stood at 227,243. Fostered workers earned a gross monthly 81,772 HUF on average in June, 0.1 percent more than a year earlier.

Mihály Varga, minister of Finance, said rising wages and growing employment and investments are thanks to an economy on the up and up.

Minister Varga said the data showed that the wage gap continued to narrow on the back of the wage agreement and changes in tax legislation. This narrowing is expected to endure in the coming months, he added.