In August 2012 gross average wages in the private sector were up by 6.6 percent, while net wages excluding family tax allowances increased by 3.6 percent in comparison to the same period of the previous year – the statistical release of the Hungarian Central Statistical Office (KSH) reported earlier today.

Employees in the financial and insurance sectors have continued to be top earners followed by information and communication as well as energy industry sectors. Wages were the lowest in the hotel trade and catering sectors.

Average gross wages of full-time employees was 214 700HUF in August 2012 in the national economy, which corresponds to an increase of 3.8 percent compared to the corresponding period of the previous year. Net wages – which equaled 138 700HUF – were higher by 1.1 percent compared to August 2011, which figure, however, does not take into consideration the positive impact of family tax allowances for children. The change in net wages, which is more muted compared to the dynamic increase of last year, has been largely the consequence of the greater weight of public employment schemes.

Gross average wages of private sector employees amounted to 225 500HUF, while after an increase of 3.6 percent net wages were 145 400HUF. Gross monthly wages for those employed full-time at budgetary institutions – excluding public work employees – was up by 3.9 percent compared to the same period of the previous year, and thus they amount to 208 300HUF, while net wages are 135 200HUF after rising 2 percent.

(Prime Minister’s Office)