Average Gross Wage in Hungary HUF 497.000 in August

In August, average gross earnings of full-time employees were HUF 497,200 (EUR 1207), or HUF 507,000 (EUR 1231) excluding public sector employees, while average net earnings after deducting benefits reached HUF 342,900 (EUR 832). Average gross earnings were 16.6 percent and average net earnings 17.3 percent higher than a year earlier, the Central Statistical Office (KSH) said Monday.

The increase in average wages was mainly caused by the increase in the minimum wage and the guaranteed minimum wage, as well as already planned and additional wage increases, the report said.

The average net wage excluding benefits reached 330,600 forints (803 euros), up 16.6 percent. Regular gross average earnings excluding bonuses, awards and one-month special allowances are estimated at 472,200 forints (1146 euros), up 15.6 percent from a year earlier.

Real earnings increased by 0.9 percent, taking into account the 15.6 percent year-on-year increase in consumer prices. The median value of gross earnings reached 402,200 forints (976 euros), 15.6 percent higher than a year earlier, i.e. its real value remained unchanged. The median value of net earnings after deductions was HUF 280,200 (EUR 680), 17.5 percent higher than in August last year.

From January to August, both gross and net average earnings without perks increased by 17.5 percent and net earnings with perks increased by 18.2 percent compared to the same period last year. Average gross earnings of full-time employees were HUF 503,600 (EUR 1222) for companies with at least 5 employees, household institutions and non-profit organizations that have a significant impact on employment, and HUF 514,400 (EUR 1248) excluding public employees. The average net wage was 334,900 forints (813 euros) without benefits and 347,000 forints (842 euros) with benefits.

Real earnings rose 6.1 percent on a 10.7 percent year-on-year increase in consumer prices.

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