Hungary’s Average Gross Earnings At HUF 398,800 In May

  • 4 Aug 2020 8:47 AM
  • Budapest Business Journal
Hungary’s Average Gross Earnings At HUF 398,800 In May
In May 2020, average gross earnings amounted to HUF 398,800, 9.4% higher than a year earlier, but slightly lower than in April 2020 (HUF 400,200), according to data released by the Central Statistical Office (KSH).

In January–May 2020, average gross earnings amounted to HUF 390,000, while average net earnings were HUF 259,300; both grew by 8.8% compared to the same period of the previous year.

In May alone full-time employees’ average gross nominal earnings amounted to HUF 398,800. Excluding fostered workers, it amounted to HUF 409,800. Average net earnings were HUF 265,200 excluding tax benefits and HUF 274,500 including them.

Both average gross earnings and average net earnings excluding tax benefits grew equally, by 9.4%. Average net earnings including tax benefits rose to a greater extent, by 9.9%, compared to the same period of the previous year, in relation to a temporary decrease as well as the elimination of social security payment obligations in certain economic branches.

Average gross regular earnings (gross earnings without premiums and one-month bonuses) were estimated at HUF 370,600, which is 8.4% higher than a year before.


Average gross earnings at HUF 390,000 in January-May

In January–May 2020, average gross nominal earnings amounted to HUF 390,000 and excluding fostered workers to HUF 400,100. Average net earnings were HUF 259,300 excluding tax benefits, and HUF 268,100 including them.

In the first five months of the year, both average gross earnings and average net earnings without tax benefits rose by 8.8%, average net earnings including tax benefits increased by 9.1% compared to the same period of the previous year.

Average gross earnings were the highest in the financial and insurance activities sections (HUF 721,300) and the lowest (HUF 247,800) in accommodation and food service activities, according to KSH.

Full-time employees’ average gross earnings amounted to HUF 426,100 for men and to HUF 354,500 for women, representing increases of 8.4% for men and 9.3% for women within one year.

The average gross earnings of full-time employees under the age of 25 reached HUF 284,600, for those between 25–54 years of age were HUF 406,400 and HUF 374,900 for those aged over 54.

The year-on-year growth of earnings in the above age groups were 3.9%, 8.9%, and 7.2% respectively.

Average gross regular earnings (gross earnings without premiums and one-month bonuses) were estimated at HUF 361,300, 8.4% higher than a year before.

Along with the 3,5% rise in consumer prices compared to the same period of the previous year, real earnings increased by 5.1%, according to the statistical agencyʼs data.

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Hungary's largest and oldest source of business and financial news in English. Since 1992 it has presented essential information on Hungarian business life, including international analyses about the country. These days the BBJ newspaper is published every other week, while it releases daily business news online including premium paid content.

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