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Nov 22, 2016

Hungary's wages are up by 6.7 percent

The news comes amid the Hungarian government's announcement today that they will raise the minimum wage and cut payroll taxes to attract workers to Hungary

Hungary's wages have increased by 6.7 percent in one year, the Central Statistical Office (KSH) has announced.

Average gross wages rose by an annual 6.7 percent in September to 257,857 HUF, while net wages grew by 8.3 percent to 171,475 HUF due to a one percentage point cut in the personal income tax rate from January.

KSH noted that wages have been boosted this year by a higher minimum wage as well as pay increases for the Armed Forces and wage top-ups for social services and healthcare workers.

According to MTI, calculating with September inflation of 0.6 percent, real wages were up 7.7 percent in net terms.

Excluding the 204,600 Hungarians in fostered work programs, the average gross wage rose by 6.7 percent to 272,501 HUF while net wages increased by 8.3 percent to 181,213 HUF.

Full-time fostered workers earned a gross 78,327 HUF on average during the month, 0.6 percent more than in the same period a year earlier.

The news comes amid the Hungarian government's announcement today that they will raise the minimum wage and cut payroll taxes to attract workers to Hungary.