Higher Minimum Wage, Public Sector Pay Lifts Wage Growth

Economy

The average gross wage in Hungary climbed an annual 17.5% to 511,400 forints (EUR 1,338) in March, data released by the Central Statistical Office (KSH) on Tuesday show.

 

The data for full-timers at businesses with at least five people on payroll show the average net wage rose at the same clip to 340,100 forints. The gross median wage increased by 15.0% to 394,500 forints. Hungary’s statutory minimum wage was raised by over 19% from the start of the year, while the salaries of many people employed in the public sector were bumped up, putting wage growth in the double digits from January. Real wage growth was 8.3%, calculating with March CPI of 8.5%.

 

Magyar Bankholding-Takarékbank chief analyst András Horváth said that the March wage rise, which beat expectations, was supported by pass-through of the minimum wage rise to the rest of the pay scale as well as employers’ efforts to attract and keep workers amid the high inflation environment. For the full year, real wages could climb over 5%, boosting household consumption, he added. ING Bank senior analyst Péter Virovácz said the fresh data underpin the projection of experts at the lender for full-year wage growth of around 15%.

 

 

hungarymatters.hu

pixabay

Iris Properties

- Office is for rent in the Center

47 m2 office for rent
180 000 Ft

- Nice flat in Poroszlay utca

54 m2 flat for rent
250 000 Ft

- Flat for students in Civis utca

68 m2 flat for rent
260 000 Ft

- Sunny flat in the Center

80 m2 flat for sale
83 000 000 Ft

Leave a Reply

Your email address will not be published. Required fields are marked *