This is How Much Hungarians Earn Today

In July 2023, the average gross earnings of full-time employees were HUF 559,100 (1,430 EUR), while the average net earnings after taking into account discounts were HUF 385,600 (985 EUR). Average gross earnings increased by 15.2 percent, average net earnings by 15.1 percent, and real earnings decreased by 2.0 percent compared to a year earlier, the Hungarian Central Statistical Office reported on Monday.

The regular (excluding bonuses and a one-month special allowance) average gross salary is estimated at HUF 526,800 (1,348 EUR), 15.6 percent higher than a year earlier. Regular average gross earnings amounted to HUF 529,000 (1,353 EUR) in the business sector, HUF 516,800 (1,320EUR) in the budget sector, and HUF 532,700 (1,363 EUR)  in the non-profit sector, up 16.1, 14.7, and 12.5 percent respectively over a year.

Average net earnings excluding discounts reached HUF 371,800 (951.45 EUR), and HUF 385,600 (986 EUR) including discounts, up 15.2 and 15.1 percent respectively compared to July 2022.

Real earnings fell by 2.0 percent, while consumer prices rose by 17.6 percent year-on-year. Median gross earnings were HUF 450,000 (1,151 EUR), up 16.3 percent from a year earlier. Median net earnings after discounts reached HUF 311.,400 (796.94 EUR), up 15.9 percent in the same period last year.

In its report, the Hungarian  Central Statistical Office also highlighted that the change in average earnings was influenced by the so-called “gun money,” a service allowance equivalent to six months’ salary paid to defense and law enforcement personnel in February 2022. If this effect is removed, both the increase in average gross earnings and the increase in average net earnings after taking into account the benefits would be 2.2 percentage points higher.

Via: MTI; Featured photo: Pixabay