ADVERTISEMENT

Army, police bonuses lift wage growth in February

Figures

Image by Shutterstock.com

In February 2022 full-time employees’ gross average earnings were HUF 546,000, and average net earnings with tax benefits reached HUF 374,800, according to data released by the Central Statistical Office (KSH).

The payment of the “service premium” (the so-called “firearms money”) for the army and the law enforcement personnel corresponding to half of their yearly salary, the previously scheduled wage increases as well as the significant minimum wage and minimum wage for skilled workers growth contributed significantly to the increase in average earnings, the statistical agency explains.

Full-time employees’ average gross earnings amounted to HUF 558,600 excluding fostered workers.

Average net earnings were HUF 363,100 excluding tax benefits.

Both average gross earnings and average net earnings excluding tax benefits grew by 31.7%. The growth of average net earnings including tax benefits was 31.9%, compared to the same period of the previous year.

Average gross regular earnings (gross earnings without premiums and one-month bonuses) stood at HUF 445,000, being 14.5% higher than a year before.

Gross median earnings reached HUF 378,100, up 14.6% year-on-year.

Average gross earnings at HUF 506,700 in January-February

Full-time employees’ average gross earnings amounted to HUF 506,700 and excluding fostered workers to HUF 518,300 in January-February 2022.

Average net earnings reached HUF 337,000 excluding tax benefits and HUF 348,500 including them.

Both average gross earnings and average net earnings without tax benefits went up by 22.8%, and average net earnings including tax benefits grew by 23.4% compared to January-February 2021.

Average gross earnings reached HUF 477,200 in the business sector, HUF 599,700 in the budgetary sector, HUF 484,900 in the non-profit sector, representing growths of 12.3%, 53.5%, and 33.7%, compared to the previous year.

The highest average gross earnings were recorded in public administration and defense (HUF 926,200) and the lowest ones for accommodation and food service activities (HUF 303,700).

Average gross earnings amounted to HUF 562,400 for full-time male employees and to HUF 448,900 for full-time female employees, representing increases of 25.4% for males and 18.8% for females over a year.

Regular average gross earnings (without premiums and one-month bonuses) are estimated at HUF 443,400, being 14.1% higher than a year earlier.

Real earnings rose by 13.6%, along with an 8.1% year-on-year increase in consumer prices.

Gross median earnings were HUF 376,300, surpassing the January-February 2021 levels by 13.7%

ADVERTISEMENT

Varga: Q1 growth demonstrates ability 'to withstand crisis' Analysis

Varga: Q1 growth demonstrates ability 'to withstand crisis'

Parl't elects Orbán prime minister Parliament

Parl't elects Orbán prime minister

New managing director at LG Electronics Hungary Appointments

New managing director at LG Electronics Hungary

Budapest bike-sharing scheme expands in District XI City

Budapest bike-sharing scheme expands in District XI

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.