GFM: the average salary already exceeds HUF 560,000

By: Trademagazin Date: 2023. 01. 25. 09:32

According to the latest data of the Central Statistical Office for November 2022, the increase in wages continued. In November last year, the average gross wage was HUF 563,600, i.e. it increased by 16.8 percent in one year, while the net wage calculated with discounts increased by 17.6 percent, thus reaching HUF 387,800 – the Ministry of Economic Development drew attention in its announcement on Wednesday (GFM).

Looking at the first 11 months of 2022, gross wages increased by 17.5 percent, which also means that by the end of November last year, real earnings rose by 3.4 percent as a whole – even in the sanctioned inflation situation – so that wages still maintained their purchasing power.

The increase in earnings may continue this year, i.e. in 2023, as thanks to the agreements the minimum wage has increased by 16 percent and the guaranteed minimum wage by 14 percent. At the same time, the government is not only helping to increase wages, but by protecting the utility reduction to the level of average consumption, it is leaving HUF 181,000 per month in the pockets of families, as well as combating the negative effects of harmful sanctions rejected by Hungarians with an interest rate freeze and a food price freeze.