In December 2023, the gross average salary of full-time employees was HUF 655,600, and the net average salary calculated with allowances in mind was HUF 451,300. The gross average wage increased by 16.4 percent, the net average wage by 16.3 percent, and the real wage by 10.3 percent compared to a year earlier, the Central Statistical Office (KSH) reported on Thursday.
In 2023, the gross average earnings reached HUF 571,200, and the net average earnings, calculated with allowances taken into account, reached HUF 393,700. In 2023, the average gross and net earnings were both 14.2 percent higher than in 2022, while real earnings decreased by 2.9 percent compared to a year earlier.
The wage increase compared to December of the previous year was mainly influenced by the increase in the December minimum wage and the guaranteed minimum wage.
The regular gross average earnings (without premiums, bonuses, and one-month special benefits) can be estimated at HUF 565,400, which is 17.3 percent higher than in the same period of the previous year. The regular gross average earnings in enterprises amounted to HUF 570,700, in the budget sector to HUF 532,700, and in the non-profit sector to HUF 606,000, rising by 18.1, 13.3, and 19.9 percent, respectively, in one year.
The average net salary reached HUF 435,900 without discounts, and HUF 451,300 with discounts, which was 16.4 and 16.3 percent higher than in December 2022, respectively.
Real earnings increased by 10.3 percent in addition to the 5.5 percent increase in consumer prices compared to the same period of the previous year.
The gross median earnings were HUF 496,100, 16.0 percent higher than a year earlier.
The median value of net earnings, calculated taking discounts into account, reached HUF 342,800, 15.3 percent higher than the same period of the previous year.
Looking at last year as a whole, the gross average salary of full-time employees was HUF 571,200.
The net average earnings without discounts reached HUF 379,800, and HUF 393,700 with discounts taken into account.
The gross, net average earnings calculated without discounts, as well as the net earnings calculated with discounts both increased by 14.2 percent compared to the same period of the previous year. The change in average earnings was influenced by the service allowance, equivalent to six months’ salary, paid to national defense and law enforcement professional staff in February 2022, the so-called weapon allowance. Filtering out the effect of this, the growth of the gross average earnings and the net average earnings calculated taking discounts into account would both be 1.3 percentage points higher.
Real earnings decreased by 2.9 percent, in addition to the 17.6 percent increase in consumer prices compared to the same period of the previous year.
The gross median earnings were HUF 450,000, 15.7 percent higher than a year earlier. The median value of net earnings, calculated taking discounts into account, reached HUF 312,600, 15.9 percent higher than the same period of the previous year.
The average gross salary of full-time employees at businesses employing at least 5 people, budget institutions and non-profit organizations that are important for employment was HUF 589,100 in January-December 2023
The net average earnings without discounts reached HUF 391,800, and HUF 405,600 with discounts taken into account. The gross and average net earnings calculated without discounts, as well as the net earnings calculated with discounts, both increased by 14.2 percent compared to the same period of the previous year. The change in average earnings was influenced by the service allowance, equivalent to six months’ salary, paid to national defense and law enforcement professional staff in February 2022, the so-called weapon allowance. Filtering out the effect of this, the increase in the gross average earnings and the net average earnings calculated taking discounts into account would both be 1.4 percentage points higher.
(MTI)
