Avg Gross Earnings at HUF 555,900 in August 2023

Figures

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Full-time employees’ average gross earnings amounted to HUF 555,900 in August 2023, having risen by 15.2% compared with a year earlier, according to data published by the Central Statistical Office (KSH).

Estimated average gross regular earnings were HUF 528,500, being 14.1% higher than a year earlier. Regular average gross earnings reached HUF 531,100 in the business sector, HUF 518,300 in the budgetary sector, and HUF 531,600 in the non-profit sector, representing growths of 14%, 15.1%, and 12.1%, compared to the previous year.

Average net earnings were HUF 369,700 excluding tax benefits and HUF 383,500 including them, being 15.2% and 15.1% higher than in August 2022.

Real earnings fell by 1%, along with a 16.4% increase in consumer prices compared to the same period of the previous year.

Median gross earnings reached HUF 450,000, surpassing the previous year’s value by 15.6%.

Median net earnings including tax benefits were HUF 312,300, surpassing the value for the same period of the previous year by 15.7%.

January-August Avg Gross Earnings at HUF 556,900

In January-August 2023, full-time employees’ average gross earnings amounted to HUF 556,900. in this time period, average net earnings were HUF 370,400, excluding tax benefits, and HUF 384,000, including tax benefits.

Average gross earnings, average net earnings excluding tax benefits, as net earnings including tax benefits rose equally by 14% compared to January-August 2022. The change in average earnings was affected by last year’s February payment of the “service premium” for the army and law enforcement personnel corresponding to six-months salary. Without this effect, the rise of the average gross earnings and that of average net earnings including tax benefits would be 2 percentage points higher.

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