Average Gross Earnings at HUF 531,200 in February
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In February 2023 full-time employees’ average gross earnings in Hungary were HUF 531,200, according to data released by the Central Statistical Office (KSH).
Average gross earnings were 0.8% higher compared to February 2022.
The change in the average earnings was considerably affected by the payment of the “service premium” (the so-called “firearms money”) for the army and the law enforcement personnel corresponding to a six-month salary in February last year. Without this effect, the rise of the average gross earnings would be higher by 14.8 percentage points.
Estimated average gross regular earnings (gross earnings without premiums and one-month bonuses) were HUF 505,400, 17.3% higher than a year earlier. Regular average gross earnings reached HUF 509,800 in the business sector, HUF 486,600 in the budgetary sector, and HUF 515,900 in the non-profit sector, representing growths of 19%, 13,1%, and 12.4% compared to the previous year.
Average net earnings were HUF 353,200 excluding tax benefits and HUF 366,400 including them, being 0.8% and 1.2% higher than a year earlier. Without the effect of the “service premium” the rise of the average net earnings including tax benefits would be higher by 15.2 percentage points.
Real earnings fell by 19.6%, along with an outstanding 25.4% increase in consumer prices compared to the same period of the previous year. Of the decrease in real earnings, the one-off payment of the “service premium” explains 11.8 percentage points
Median gross earnings reached HUF 423,400, surpassing the previous year’s value by 16.3%.
Median net earnings including tax benefits were HUF 295,600, surpassing the value for the same period of the previous year by 16.5%.
Jan-Feb Average Gross Earnings at HUF 529,600
Full-time employees’ average gross earnings amounted to HUF 529,600 in January-February 2023.
Average net earnings were HUF 352,200, excluding tax benefits, and HUF 365,200, including tax benefits.
Both average gross earnings and average net earnings excluding tax benefits increased by 7.9%, while net earnings including tax benefits rose by 8% compared to the same period of the previous year. The change in the average earnings was considerably affected by the payment of the “service premium” in February last year. Without this effect, the rise of the average gross earnings and the average net earnings would be higher by 8 and 8.1 percentage points, respectively.
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