The Central Statistical Office (KSH) has announced that wage growth in Hungary quickened to an annual 8.9 percent in August from 7.9 percent in the previous month.
According to MTI, the average monthly wage before tax for fulltime employees was HUF 426,500 (EUR 1,180), while the average net wage was HUF 283,600. The gross median wage was HUF 348,100. Calculating with annual inflation of 4.9 percent in August, real wages rose by 3.8 percent on average.
ING Bank chief analyst Péter Virovácz said the biggest boost to wages came from pre-scheduled wage increases in the public sector. While in the business sector the pace of wage increases was more moderate, it was still higher than in the previous month, contributing to the overall pickup of wage growth in August.
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