Statistics: Hungary gross wages jump to EUR 1,144

Gross wages in Hungary grew by an annual 9.8 percent in February, the Central Statistical Office (KSH) said on Thursday.

Gross wages averaged 414,400 forints (EUR 1,144) and 275,600 after tax.

The average gross wage in the business sector, which includes state-owned companies, rose by 8.8 percent to 426,200 forints, excluding fostered workers.

The average gross wage in the public sector, excluding fostered workers, increased by 13.3 percent to 431,600 forints.

A broader set of data covering all full-time employees, not only the ones at employers with a payroll of five or more, show the average gross wage stood at 401,900 forints and the average net wage at 267,300 forints in February.

Calculating with twelve-month consumer price inflation of 3.1 percent, wages rose by an annual 6.5 percent, KSH said.

Senior analyst of Takarékbank András Horváth said wage growth in February was above expectations, despite the pandemic and a small minimum wage increase. Employers are forced to continue raising wages in order to retain and attract workers and as a result of the inflationary environment, he added.