Gross wages up by 17.9 percent yr/yr in May

According to data released by the Central Statistical Office in May full-time employees’ average gross earnings amounted to HUF 567,800, having risen by 17.9% compared with a year earlier.

Estimated average gross regular earnings (gross earnings without premiums and one-month bonuses) were HUF 527,900, being 16.9% higher than a year earlier. Regular average gross earnings reached HUF 534,000 in the business sector, HUF 504,800 in the budgetary sector, and HUF 533,300 in the non-profit sector, representing growths of 18.5%, 13.2% and 12.6% compared to the previous year.

Average net earnings were HUF 377,600 excluding tax benefits and HUF 391,500 including them, being 17.9% and 17.7% higher than a year earlier.

Real earnings fell by 3.0%, along with an outstanding 21.5% increase in consumer prices compared to the same period of the previous year.

Median gross earnings reached HUF 449,100, surpassing the previous year’s value by 17.8%.

Median net earnings including tax benefits were HUF 310,600, surpassing the value for the same period of the previous year by 16.8%.

In the first five months of the year full-time employees’ average gross earnings amounted to HUF 554,700. Average net earnings were HUF 368,900, excluding tax benefits and HUF 382,300, including tax benefits.

Both average gross earnings and average net earnings excluding tax benefits increased by 13.2%, while net earnings including tax benefits rose by 13.1% compared to the same period of the previous year. The change in average earnings was affected by the last year’s February payment of the “service premium” (the so called “firearms money”) for the army and the law enforcement personnel corresponding to six-month salary. Without this effect the rise of the average gross earnings and the average net earnings including tax benefits would be higher by 3.2 percentage points.

Full-time employees’ average gross earnings at enterprises employing at least 5 persons, at budgetary institutions as well as at non-profit organisations that are significant in terms of employment amounted to HUF 572,300.

Average net earnings were HUF 380,600, excluding tax benefits and HUF 394,000, including tax benefits.

Average gross earnings, average net earnings excluding tax benefits and net earnings including tax benefits rose by 13.2% compared with the same period of the previous year. The change in average earnings was affected by the last year’s February payment of the “service premium” (the so-called “firearms money”) for the army and the law enforcement personnel corresponding to six-month salary. Without this effect the rise of the average gross earnings and the average net earnings including tax benefits would be higher by 3.4 percentage points.