In January–July 2020, average gross earnings amounted to HUF 395,900, while average net earnings came to HUF 263,300; both up 10% compared to the same period of the previous year, according to data published by statistical agency KSH.
Excluding fostered workers, full-time employeesʼ average gross nominal earnings amounted to HUF 406,500. Average net earnings were HUF 263,300 excluding tax benefits, and HUF 272,200 including them.
Both average gross earnings and average net earnings without tax benefits rose by 10%, average net earnings including tax benefits increased by 10.3% compared to the same period of the previous year.
Average gross earnings were the highest in the financial and insurance activities sections (HUF 719,300) and the lowest (HUF 249,900) in accommodation and food service activities.
Full-time employees’ average gross earnings amounted to HUF 430,000 for men and to HUF 363,200 for women, representing increases of 9.2% for men and 11.2% for women within one year.
Average gross earnings of full-time employees under the age of 25 reached HUF 287,700, for those between 25–54 years of age were HUF 412,100 and HUF 383,800 for those aged over 54. The year-on-year growth of earnings in the above age groups was 4.2%, 9.9%, and 8.8% respectively.
Average gross regular earnings (gross earnings without premiums and one-month bonuses) stood at HUF 366,200, 9.1% higher than a year before.
Along with the 3.5% rise in consumer prices compared to the same period of the previous year, real earnings increased by 6.3%, KSH notes.
Average gross nominal earnings amounted stood at HUF 401,800 in July alone, amounting to HUF 413,400 without fostered workers. Average net earnings were HUF 267,200 excluding tax benefits and HUF 275,900 including them. Average gross regular earnings were estimated at HUF 376,300, 10% higher than a year before.
Both average gross earnings and average net earnings excluding tax benefits grew equally, by 10.8% compared to July 2019. Average net earnings including tax benefits rose to a greater extent, by 11%, compared to the same period of the previous year, in relation to a temporary decrease as well as elimination of social security payment obligations in certain economic branches, KSH notes.