Average earnings up more than 12% y-o-y in April

Telco

In January–April 2018, average gross earnings amounted to HUF 322,400, while average net earnings totaled HUF 214,400. Both the latter grew to the same extent, by 12.4% compared to the first four months of 2017. In April 2018 alone, average gross monthly earnings were 12.6% higher than a year earlier.

Rises of 8.2% in the minimum wage and 12% in the guaranteed minimum wage, as well as salary adjustments affecting specific areas of the public sector and employees of some state-owned public service companies, had an impact on earnings growth, according to data released by the Central Statistical Office (KSH).

In April 2018, full-time employees’ average gross monthly nominal earnings – as defined by the KSH – amounted to HUF 340,600 at corporations employing at least five persons, budgetary and designated non-profit institutions. Average monthly net earnings were HUF 226,500 excluding family tax benefits, and HUF 235,000 including them. Both gross and net earnings grew by 12.6% compared to the same month of the previous year.

In January–April 2018, full-time employees’ average gross nominal monthly earnings at corporations employing at least five persons, budgetary and designated non-profit institutions amounted to HUF 322,400, and to HUF 335,000 excluding some 119,000 people employed on government work schemes.

Average gross earnings were the highest in financial and insurance activities (HUF 625,900), and the lowest (HUF 206,500) in accommodation and food service activities.

Regular gross earnings (gross earnings without premiums and one-month bonuses) amounted to HUF 298,800 per month.

Average net monthly earnings in January-April – excluding family tax benefits – were HUF 214,400, as defined by the KSH. In 2018, family tax benefits rose further in the case of families with two children. Taking into account family tax benefits, average net earnings are estimated at HUF 222,900.

Both gross earnings and net earnings without family tax benefits grew to the same extent in the first four months of the year, by 12.4%, while regular gross earnings increased by 11.4%. Along with the 2.1% rise in consumer prices compared to the corresponding period of the previous year, real earnings increased by 10.1%.

Monthly average gross wages and salaries according to the SNA concept amounted to HUF 337,900, likewise 12.4% higher than a year earlier. Within this indicator, the share of other wages and salaries was 4.6% on average.

Earnings data for January–May 2018 will be published on July 20.

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