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KSH: Wage Growth Up 10.6% in December

MTI-Hungary Today 2021.02.25.

Wage growth in Hungary was up at an annual 10.6 percent in December, up from 8.6 percent in the previous month, the Central Statistical Office (KSH) said on Thursday.

In absolute terms, the average gross monthly wage for full-time employees stood at 449,400 forints (EUR 1,250). The average net wage was 298,900 forints (EUR 830).

Calculating with a 2.7 percent twelve-month CPI in December, real wage growth stood at 7.7 percent.

In 2020, wages grew 9.7 percent on average, KSH said. Real wages grew by 6.2 percent, against a 3.3 percent rise in consumer prices, it said.

Excluding the 90,100 Hungarians in fostered work programmes – who earned on average a gross 81,900 forints in December – the average gross monthly wage in Hungary was 461,700 forints.

The average gross wage in the business sector, which includes state-owned companies, rose by 11.9 percent to 472,900 forints, excluding fostered workers. The average gross wage in the public sector, excluding fostered workers, increased 6.5 percent to 425,800 forints.

People working in the financial and insurance services sector were the highest earners in December, receiving a gross monthly 709,300 forints on average. People working in the commercial accommodations and catering industry earned the least, 250,900 forints.

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KSH noted that men earned, on average, about 18.9 percent more than women in January-December.

featured image illustration via Márton Mónus/MTI