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Apr 21, 2017

Hungary's wages rise by 10.7 percent in just one year

Hungary's monthly average gross wage rose by an annual 10.7 percent to 274,800 HUF (890 EUR) in February, the Central Statistical Office said

Hungary's monthly average gross wage rose by an annual 10.7 percent to 274,800 HUF (890 EUR) in February, the Central Statistical Office (KSH) has said.

The KSH noted that wages have been boosted by a higher minimum wage as well as pay increases for social services and healthcare workers and state employees in the cultural sector.

Average gross earnings amounted to HUF 274,300 and increased by 10.3 percent compared to the same period of the previous year. Primarily, the rise in the minimum wage and the guaranteed minimum wage of 15 and 25 percent, respectively, as well as the salary adjustment in new areas of the public sector – affecting among others those working in health and cultural fields – had an impact on earnings growth. In the first two months of the year, the rise of average net earnings was equal to that of average gross earnings.

Mihály Varga, minister for National Economy, recenty said the government has concluded the wage talks it was involved in and he believes that wages in the public sector are about to grow at the same pace as the overall increase in January. Wages in the private sector could rise at a slightly slower pace, he added.

The minister concluded that wages in real terms have been rising uninterruptedly, since the beginning of 2013, for 49 consecutive months in Hungary.