Average gross earnings up 11% in first quarter
In January–March 2017, average gross monthly earnings amounted to HUF 281,900 in Hungary, according to a first release of data from the Central Statistical Office (KSH). In the first three months of the year, both gross and net earnings grew by 11.0% compared to the same period of the previous year.
Rises of 15% in the minimum wage and 25% in the guaranteed minimum wage, as well as salary adjustments affecting specific areas of the public sector and the employees of state-owned public service companies, had an impact on earnings growth, said the KSH.
In March 2017 alone, full-time employees’ average gross nominal monthly earnings according to the national concept amounted to HUF 298,300 at corporations employing at least five persons, budgetary and designated non-profit institutions. Average net earnings by the national concept were HUF 198,400 excluding family tax benefits, and HUF 206,300 including them.
Both gross earnings and net earnings grew by 12.8% in March compared to the same month of the previous year.
In January–March 2017, full-time employees’ average gross nominal monthly earnings according to the national concept amounted to HUF 281,900 at corporations employing at least five persons, budgetary and designated non-profit institutions. Average gross earnings were the highest in financial and insurance activities (HUF 540,900), and the lowest in human health and social work activities (HUF 176,500).
Average net monthly earnings – excluding family tax benefits – were HUF 187,400 by the national concept in the first quarter. In 2017, family tax benefits rose in the case of families with two children, which had an effect on the amount and change in net earnings. Taking into account family tax benefits, average net earnings are estimated to be HUF 195,300.
Monthly average gross wages and salaries according to the SNA concept amounted to HUF 295,300.
Both gross earnings and net earnings grew by 11.0% over one year.
Taking into account the 2.6% rise in consumer prices compared to the same period of the previous year, real earnings increased by 8.2% in the first quarter, KSH data show.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.