Avg Gross Earnings up 14.1% y.o.y. in November
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Full-time employees’ average gross earnings were HUF 621,200 in November 2023, some 14.1% higher than a year earlier, according to data published by the Central Statistical Office (KSH).
Regular average gross earnings (without premiums and one-month bonuses) were estimated at HUF 548,600, being 14.3% higher than in the same period of the previous year. Regular average gross earnings amounted to HUF 547,500 in the business sector, HUF 539,100 in the budgetary sector and HUF 587,200 in the non-profit sector, rising by 14.2%, 13.7% and 17.3%, respectively, over a year.
Average net earnings reached HUF 431,100, excluding tax benefits, and HUF 427,700, including them, being 14.1% and 14% higher than in November 2022.
Real earnings were up by 5.7%, along with a 7.9% increase in consumer prices compared to the same period of the previous year.
Median gross earnings were HUF 489,400, being 16% above the level a year earlier.
Median net earnings including tax benefits reached HUF 338,500, surpassing the value for the same period of the previous year by 15.3%.
January–November Average Gross Earnings at HUF 563,500
Full-time employees’ average gross earnings were HUF 563,500 in January-November 2023.
Average net earnings reached HUF 374,800, excluding tax benefits, and HUF 388,500, including tax benefits, KSH notes.
Average gross earnings, average net earnings excluding tax benefits as well as net earnings including tax benefits increased equally by 14% compared to the same period of the previous year. 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 1.5 percentage points higher each, the statistics office explains.
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