Average real arnings up 6 percent

December 2024 full-time employees’ average gross earnings were HUF 727,700, which was 11.0% higher than a year earlier.

Regular average gross earnings (without premiums and one-month bonuses) were estimated at HUF 625,400, being 10.6% higher than in the same period of the previous year. The growth of regular average gross earnings was affected partly by the increase in minimum wage and the minimum wage for skilled workers in December 2023. The regular average gross earnings amounted to HUF 624,100 in the business sector, HUF 610,200 in the budgetary sector and HUF 680,200 in the non-profit sector, rising by 9.4%, 14.5% and 12.2%, respectively, over a year.

Average net earnings reached HUF 483,900, excluding tax benefits and HUF 500,500, including them, being 11.0% and 10.9% higher than in December 2023.

Real earnings were up by 6.1%, along with a 4.6% increase in consumer prices compared to the same period of the previous year.

Median gross earnings were HUF 560,900, being 13.1% above the level a year earlier.

Median net earnings including tax benefits reached HUF 389,800, surpassing the value for the same period of the previous year by 13.7%.

January-December 2024 full-time employees’ average gross earnings amounted to HUF 646,800.

Average net earnings were HUF 430,100, excluding tax benefits and HUF 445,200, including tax benefits.

Average gross earnings and average net earnings excluding tax benefits increased by 13.2% and net earnings including tax benefits rose by 13.1% compared to the same period of the previous year.