Average Gross Earnings Reach HUF 655,600 in December
Full-time employees’ average gross earnings reached HUF 655,600 in December 2023 up 16.4% year-on-year, according to data released by the Central Statistical Office (KSH).
The growth of the minimum wage and the minimum wage for skilled workers carried out in December 2023 contributed in the first place to the wage increase compared to the same period of the previous year, KSH argues.
Regular average gross earnings (without premiums and one-month bonuses) were estimated at HUF 565,400, being 17.3% higher than in the same period of the previous year. Regular average gross earnings amounted to HUF 570,700 in the business sector, HUF 532,700 in the budgetary sector and HUF 606,000 in the non-profit sector, rising by 18.1%, 13.3% and 19.9%, respectively, over a year.
Average net earnings reached HUF 435,900, excluding tax benefits, and HUF 451,300, including them, being 16.4% and 16.3% higher than in December 2022.
Real earnings were up by 10.3%, along with a 5.5% increase in consumer prices compared to the same period of the previous year, according to KSH data.
Median gross earnings were HUF 496,100, being 16% above the level a year earlier.
Median net earnings including tax benefits reached HUF 342,800, surpassing the value for the same period of the previous year by 15.3%.
January-December Average Gross Earnings at HUF 571,200
In January-December 2023, full-time employees’ average gross earnings were HUF 571,200.
Average net earnings reached HUF 379,800, excluding tax benefits, and HUF 393,700, including tax benefits.
Average gross earnings, average net earnings excluding tax benefits as well as net earnings including tax benefits increased equally by 14.2% compared to January-December 2022.
The change in average earnings was affected by a service premium, the ‘firearms money’, for the army and the law enforcement personnel, corresponding to six months’ salary and paid in February 2022. Without this effect, the growths in average gross earnings and in average net earnings including tax benefits would be 1.3 percentage points higher each.
Real earnings decreased by 2.9%, along with a 17.6% increase in consumer prices compared to the same period of the previous year.
Median gross earnings were HUF 450,000, being 15.7% above the level a year earlier.
Median net earnings including tax benefits reached HUF 312,600, surpassing the value for the same period of the previous year by 15.9%.
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