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Jul 20, 2016

Hungarian wages increase by 7.5 percent

Wages hikes in the private and public sectors, low inflation, tax reductions and the Job Protection Action Plan have been instrumental in boosting the incomes of families

Wages were up by 7.5 percent year-on-year in the period January to May 2016, according to the Hungarian Central Statistical Office (KSH).

The results show an upward wage growth trend for the 21st consecutive month in Hungary.

During the first five months of 2016, gross and net wages averaged 257 700 and 171 300 HUF (excluding family tax allowance), respectively.

Taking into account family tax allowances, net wages are estimated by KSH to have hit 178 500 HUF.

Excluding public work wages, gross wages in January to May averaged 275 300 HUF at enterprises, 266 000 HUF at budgetary institutions and 245 200 HUF at non-profit organizations.

In the observed period, these figures corresponded to increases of 6.8 percent in the private sector, 12.1 percent in the public sector and 7.7 percent in the non-profit sector.

Wage hikes in the private and public sectors, low inflation, tax reductions and the Job Protection Action Plan have been instrumental in boosting the incomes of families.