Hungary net wages climb 10 pc in June: 731 euros

The average gross wage for full-time workers in Hungary rose by an annual 10.6 percent to 364,799 forints (EUR 1,100) in June, the Central Statistical Office (KSH) said on Friday. Net wages grew at the same pace, reaching 242,591 forints.

Calculating with twelve-month CPI of 3.4 percent in June, real wages were up 7.0 percent. Excluding the 100,500 Hungarians in fostered work programmes, the average gross wage rose by 9.6 percent to 375,106 forints, while net wages grew at the same rate to 249,446 forints.

ING Bank senior analyst Péter Virovácz said the pace of wage growth could be maintained in the second half, but added that the question is when companies would scale back recruitment efforts because of external uncertainties, impacting remuneration. Takarékbank chief analyst András Horváth put full-year wage growth around 10.3 percent, lifted by the tight labour market and record low unemployment.

He added that the gap between wage growth in the public and private sectors could narrow with a rise in healthcare workers’ pay. As we wrote on Wednesday, Hungary’s three-month rolling average jobless rate reached 3.4 percent in May-July, edging up from 3.3 percent in the previous three-month period

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