According to data from the Central Statistical Office, average gross wages rose to HUF 566,800 (EUR 1,478) in June 2023, meaning that average wages increased by 16.0 percent in a year. Minister of Economic Development Márton Nagy said that wage growth remained dynamic throughout the year, while the number of registered jobseekers fell to a historic low and the number of employed people increased to close to 4.8 million.
The Minister underlined that the government is effectively fighting inflation, including increasing the rate of mandatory promotions to 15 percent and introducing the online price monitoring system. According to him, inflation has already decreased by a third and could melt into single digits in October.
As a result, real wage declines could stop in July and purchasing power of wages could start to rise again in August, allowing wages to maintain their real value overall in 2023,
Márton Nagy underlined. This will allow a return to the annual average real wage growth rate of over 5 percent that we have seen in previous years.
According to data from the Central Statistical Office, the average gross earnings of full-time employees in June this year were 566,800 forints (EUR 1,478), while the average net earnings, taking into account discounts, were 390,900 forints (EUR 1,019).
Average gross earnings were 16.0 percent higher and average net earnings 15.9 percent higher than a year earlier.
The average gross regular salary (excluding bonuses, allowances and one-month special benefits) was estimated at HUF 525,300 (EUR 1,370), 14.9 percent higher than a year earlier. Regular average gross earnings amounted to HUF 531,000 (EUR 1,385) in the business sector, HUF 503,200 (EUR 1,312) in the budget sector and HUF 532,100 (EUR 1,388) in the non-profit sector, up 15.9 percent, 12.8 percent and 10.7 percent respectively over a year.
Real earnings fell by 3.4 percent, with consumer prices up 20.1 percent year-on-year.
Median gross earnings were HUF 450,000 (EUR 1,174), up 15.6 percent from a year earlier. Median net earnings, taking into account discounts, reached 312,000 forints (EUR 813), 15.6 percent higher than in the same period of the previous year.
Gross average net earnings excluding discounts and net earnings including discounts both increased by 13.6 percent compared to the same period last year.
Via MTI, Featured photo via Pixabay