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WAGE GROWTH SLOWS TO 8.5 % IN OCTOBER

 

Year-on-year wage growth in Hungary slowed to 8.5% in October from 9.1% in the previous month, the Central Statistical Office (KSH) said. The data for businesses and institutions with at least five people on payroll show the average gross monthly wage for full-time employees stood at 431,300 forints (EUR 1,170). The average net wage was 286,800 forints. Calculating with twelve-month CPI of 6.5% in October, real wages rose by 1.9%.
Takarékbank chief analyst András Horváth said a 30% pay-rise for health-care workers from January along with salary hikes in other sectors could cause wage growth to accelerate to 13% this year from around 9% in 2021. According to union sources, companies have agreed to raise wages 7-27% this year, against the backdrop of a more than 19% minimum wage increase and high inflation, he added.