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Jan 20, 2017

Hungarian wages have increased by 8.2 percent in just one year

The results show that real wages have been on the rise for 47 consecutive months. Since November 2015, the number of private sector jobs has increased by 55,000 at enterprises with at least five employees

Hungarian wages have increased by 8.2 percent in just one year, according to the Central Statistical Office (KSH), between November 2015 and November 2016. Gross wages averaged 260,800 HUF in the period between January-November 2016, which is a 6.2 percent growth compared to the same period of the year before.

The results show that real wages have been on the rise for 47 consecutive months. Since November 2015, the number of private sector jobs has increased by 55,000 at enterprises with at least five employees.

Real wage growth was outstanding in all three sectors: 6.8 percent in the private sector, 11 percent in the public sector and 7.3 percent in the non-profit sector.

Wage hikes in the private and public sectors prove that the Hungarian economy has been growing stronger. Thanks to a higher minimum wage and guaranteed minimum wage introduced this January as well as payroll tax reductions and private sector wage hikes, wages are expected to continue to increase in 2017.