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Nov 23, 2017

Hungary's average wage reaches nearly 1,000 euros a month

According to official figures released by the Central Statistical Office (KSH), the average gross wage rose by an annual 13.6 percent to 292,944 HUF (940 EUR) in September

Hungary's average wage has reached nearly 1,000 euros a month, it has been revealed.

According to official figures released by the Central Statistical Office (KSH), the average gross wage rose by an annual 13.6 percent to 292,944 HUF (940 EUR) in September.

According to MTI, net wages grew at the same pace as gross wages, also increasing by 13.6 percent, to 194,808 HUF.

KSH highlighted that wages have been boosted by a higher minimum wage as well as pay increases for social services and healthcare workers and some state employees.

Péter Cseresnyés, the economy ministry’s state secretary for labor, attributed the wage increase primarily to the long-term agreements concluded by the government with the federations of employers and employees on wage hikes and payroll tax cuts in November last year.

Cseresnyés said that under the agreement that the minimum wage will rise by another 8 percent for unskilled workers and 12 percent for skilled workers next year after this year’s increase of 15 and 25 percent, respectively.

The minimum wage increases have considerably affected other wages, which have increased by 13 percent, compared to 4-6 percent earlier, he said. The payroll tax will drop by a further 2 percentage points in 2018, after a 5 percentage point cut this year, he said.