KSH: Hungary’s real wages see near-record increase

Tourism

Photo by Pixabay

Hungary’s net earnings were up by 7.8% year-on-year in the period of January-April, the biggest rise in recent history, according to reports on the Hungarian Central Statistical Office (KSH) first release of data published today. Gross earnings were up 6.1%, while real earnings were up 7.5%.

The growth was chiefly due to the one percentage point reduction in the personal income tax, KSH said in the report. KSH data show that consumer prices were up by 0.3 of a percentage point in the period. Wages and salaries according to the SNA concept rose by 6.1%, KSH added. 

In the period of January-April, average gross nominal earnings of full-time employees, according to the national concept, came to HUF 256,500 at corporations employing at least five people, budgetary and designated non-profit institutions, KSH said.

Average gross earnings were the highest in financial and insurance activities, at HUF 542,400, and the lowest in human health and social work activities, at HUF 150,100, KSH said.

Average net earnings – excluding family tax benefits – came to HUF 170,600 by national concept, KSH reported. Taking into account family tax benefits, average net earnings are estimated to be HUF 177,700, KSH said. KSH noted that the rules of family tax benefits this year changed considerably – mainly in the case of families with two children, which had an effect on the amount and change of net earnings.

Monthly average gross wages and salaries according to the SNA concept amounted to HUF 269,400. Within this indicator, the share of other wages and salaries was 4.8% on average, KSH added.

ADVERTISEMENT

Business, consumer confidence improves - Századvég Analysis

Business, consumer confidence improves - Századvég

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New managing director at the helm of Wolt Hungary Appointments

New managing director at the helm of Wolt Hungary

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.