Hungary's average gross wage has increased to nearly 1,000 euros a month, the Central Statistics Office (KSH) has annonced.
According to MTI, the average wage in 2016 rose by an annual 5.7 percent to 288,800 HUF, or 936 euros, in December. A further increase in 2017 will see figures increase to over 1,000 euros a month.
Net wage growth outpaced the 2016 increase, climbing 7.3 percent to 192,100 HUF due to a one percentage point cut in the personal income tax rate from January 2016. KSH noted that wages were boosted by a higher minimum wage as well as pay increases for the armed forces and wage top-ups for social services and healthcare workers.
Real wages are expected to grow by around 10 percent this year, primarily as a result of the wage agreement reached between the employers’ association and trade unions for six years starting in 2017.