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Avg. gross earnings at HUF 343,500 in January

In January 2019, average gross earnings amounted to HUF 343,500, and average net earnings without tax benefits to HUF 228,400, both up 10.6% compared to the same period in 2018, according to data from the Central Statistical Office (KSH).

In January, full-time employees’ average gross nominal earnings at corporations employing at least five persons, budgetary institutions and non-profit organizations, amounted to HUF 343,500 and to HUF 354,200 excluding fostered (public works) laborers. Average net earnings were HUF 228,400 without tax benefits and HUF 235,500 with them.

While gross earnings and net earnings excluding tax benefits grew by 10.6%, net earnings including tax benefits rose by 10.8%, year-on-year.

Full-time employees’ average gross earnings came to HUF 376,700 for men and to HUF 311,300 for women, representing increases of 11.8% and 9.8%, respectively compared to the same period of last year.

The highest average gross earnings were registered in the financial and insurance sectors (HUF 634,200), and the lowest (HUF 230,900) in human healthcare and social work activities, which employ the majority of fostered workers. Excluding data fom fostered workers, average gross earnings amounted to HUF 300,700 in these two activities.

Wage Growth by Age

Average gross earnings reached HUF 267,700 for full-time employees under 25 years of age, HUF 356,300 for those between 25–55 years of age,   and HUF 337,200 for employees older than 55. The y.o.y. growth of earnings in the above age groups came to 17.6%, 11.2% and 10%, respectively.

Regular gross earnings (gross earnings without premiums and one-month bonuses) increased to HUF 327,000, up 10.6% y.o.y.

Along with the 2.7% CPI rise to the same period of the previous year, real earnings grew by 7.7%, KSH notes.