Twelve-month gross wage growth picks up to 1.3pc

Gross business sector wage growth was 4.7pc in July. Gross wages in the public sector fell 5.9pc. Net business sector wage growth was 6.0pc in July. Net public sector wages slipped 1.0pc. Calculating with 5.1pc twelve-month CPI in July, real wages fell 3.5pc, inching up 0.87pc in the business sector and dropping 5.8pc in the public sector. In January-July gross wages rose 1.3pc and net wages were up 1.4 pc from the same period a year earlier. Gross wages in the business sector were up 4.9pc, but dropped 6.9pc in the public sector. Real wages fell 2.1pc during the period. The average gross monthly wage stood at HUF 199,992 in July, ranging from HUF 113,785 in the textile sector to HUF 425,789 in the oil refinery segment. Gross wages rose the most, by 10.0pc, in the mining industry and in the electricity and gas supply sector. Regular gross wages – excluding premia and one-off benefits – rose 3.0pc in July from the same month a year earlier, continuing a slowdown started in March. Regular wages in the business sector were up 4.6pc, the lowest rate of the year, while regular gross wages in the public sector fell 0.9pc, dropping for the second month in a row, albeit at a slower rate than the 2.2pc decline in June. The number of employees fell 4.4pc to 2,657,900 in twelve months to July, dropping 8.2pc in the business sector, but rising 5.6pc in the public sector because of community work programmes for people on welfare or unemployment benefit.

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