Hungary net wages climb to 718 euros

The average gross wage for full-time workers in Hungary rose by an annual 10.7 percent to 362,595 forints (EUR 1,079) in July, the Central Statistical Office (KSH) said on Monday.

Net wages grew at the same pace, reaching 241,126 forints (718 euros).

Calculating with twelve-month CPI of 3.3 percent in July, real wages were up by 7.2 percent.

Excluding the 98,400 Hungarians in fostered work programmes, the average gross wage rose by 10.3 percent to 372,613 forints, while net wages grew at the same rate to 247,788 forints (EUR 737).

Excluding fostered workers, the average gross wage in the business sector, which includes state-owned companies, rose by 11.8 percent to 375,801 forints.

The average wage in the public sector increased by 6.0 percent to 368,152 forints (1096 euros).

Full-time fostered workers earned gross 81,544 forints (EUR 242) in July, 1.5 percent less than a year earlier.

The data sources show that in January-July average gross monthly wage was highest in finance and insurance sector, at 668,673 forints, and lowest in social and health care services, at 238,444 forints.

In January-July, gross wages rose by 10.6 percent year-on-year to 359,911 forints and were up by 9.6 percent without fostered workers at 370,314 forints. Excluding fostered workers, business sector gross wages rose 11.3 percent and public sector wages rose 5.2 percent in the period.

Men employed full-time earned gross 393,900 forints on average during the period, while women earned 326,700 forints. The rates rose 11.3 percent and 9.6 percent, respectively, on an annual basis.