Hungary’s Average Gross Earnings Rise 12.9% Year-on-Year in October - Budapest Business Journal (original) (raw)

Full-time employees in Hungary earned an average gross salary of HUF 637,200 in October 2024, reflecting a 12.9% increase compared to the same month last year.

According to data released by the Central Statistical Office (KSH), average net earnings, including tax benefits, reached HUF 438,900, up 12.7% year-on-year.

Real earnings, adjusted for inflation, grew by 9.4% as consumer prices rose 3.2% over the same period. Median gross earnings for October stood at HUF 529,000, marking a 15.9% increase, while median net earnings, including tax benefits, were HUF 366,000, up 15% from the previous year.

Breakdown by Sector

Regular average gross earnings, which exclude bonuses and premiums, were estimated at HUF 613,100 in October, up 13.5% year-on-year. Sector-specific figures showed:

• Business sector: HUF 615,100, a 12.9% increase.
• Budgetary sector: HUF 597,000, a 15.4% increase.
• Non-profit sector: HUF 638,100, a 14.7% increase.

Average net earnings, excluding tax benefits, amounted to HUF 423,800, representing a 12.9% increase from October 2023.

January–October 2024 Overview

For the first 10 months of 2024, average gross earnings for full-time employees reached HUF 633,900, with average net earnings at HUF 421,500, excluding tax benefits, and HUF 436,400, including them. Gross earnings and net earnings excluding tax benefits both rose by 13.6% year-on-year, while net earnings with tax benefits increased by 13.5%.

The data underscores a consistent upward trend in earnings across sectors, driven by wage growth and a steady rise in real incomes despite moderate inflation.