The gross average earnings of those employed full-time were HUF 510,500, and the net average earnings, calculated with allowances taken into account, was HUF 352,000 in October; the former was 18.4 percent higher and the latter 19.1 percent higher than a year earlier, the Central Statistical Office (KSH) announced.
In its statement, the office emphasized that the increase in average earnings was mainly due to the increase in the minimum wage and the guaranteed minimum wage implemented last year, as well as the already scheduled and additional wage increases.
The actual earnings decreased by 2.2 percent, in addition to the 21.1 percent increase in consumer prices compared to the previous year. In contrast, in the first ten months of the year, it increased by 4.3 percent, taking into account the 12.7 percent increase in consumer prices, KSH informed.
The gross average earnings of those employed full-time in October, excluding public employees, was HUF 519,800, and the net average earnings without discounts were HUF 339,500 in the tenth month of the year.
The KSH estimated the regular gross average earnings – without premiums, bonuses, or one-month special benefits – at HUF 486,400.
In January-October, the gross average earnings of full-time employees was 514,800 forints (504,300 forints excluding public employees) at businesses employing at least 5 people, at budget institutions, and at non-profit organizations that are significant in terms of employment.
The net average earnings without discounts amounted to HUF 335,400 and HUF 347,500 including values in the first ten months.
The gross and net average earnings calculated without discounts both increased by 17.6 percent, and the net earnings calculated with discounts by 18.3 percent in ten months compared to the same period of the previous year.
According to the KSH, the increase is mainly explained by the wage increases scheduled in advance in the individual advancement systems, as well as the increase in the minimum wage and the guaranteed minimum wage implemented in 2022.
The gross average earnings in January-October were the highest in the financial and insurance sector (HUF 844,100), and the lowest in the accommodation and hospitality sector (HUF 316,700).
The gross average salary for men employed full-time was HUF 552,500 and for women 457,700, which is an increase of 18.1 percent for men and 16.6 percent for women in one year.
The regular gross average earnings reached HUF 468,500 in enterprises, HUF 445,500 in the budget sector, and HUF 493,800 in the non-profit sector, which is an increase of 14.3, 16.2, and 28.5 percent, respectively, compared to the previous year.
According to the office’s explanation, the fact that many educational institutions moved from the budget sector to this sector from the beginning of August 2021 contributed to the above-average earnings growth of the non-profit sector.
MTI
