Average salary in Hungary to reach EUR 1,415 by next year?!

According to financial experts, next year, significant wage increases can be expected in Hungary, as a result of which the average monthly salary could reach EUR 1,415 (~HUF 500,000) gross by the end of 2022. These are the sectors where the most competitive salaries can be observed.

In June, the national average was EUR 1,233 (~HUF 436,000). However, based on the fact that non-regular earnings elements tend to increase significantly by the end of the year, average salaries could increase up to EUR 1,386 (~HUF 490,000) gross (including benefits) up to December. Similarly to last year, when an increase of EUR 113 (~HUF 40,000) could be experienced in the last month of the year, having reached EUR 1,270 (~HUF 449,000).

According to financial experts, thanks to the progressive growth of this year’s and next year’s wages,

the average salary in Hungary may reach EUR 1,415 (~HUF 500,000) in the second or third quarter of 2022.

According to the data of the Central Statistical Office, the highest salaries were measured in the financial and insurance sectors last year where the average gross wage was EUR 2,006 (~HUF 709,000), followed by information and communication with EUR 1,913 (~HUF 676,000), the electricity industry with EUR 1,843 (~HUF 651,000), and EUR 1,602 (~HUF 566,000) in the field of professional scientific and technical activities.

Currently, the most competitive salaries in Hungary can be found in the financial sector, information technology services, the pharmaceutical industry, and the construction industry

where the average gross salary of EUR 1,415 (~HUF 500,000) is already available, and even significantly exceeds it in several sectors, reports Hungarian news portal Világgazdaság. Not to mention the automotive industry where engineers can even earn a gross of EUR 2,830 (~HUF 1 million). As Hungarian news portal hvg reports, healthcare could also catch up with the highest-paid areas this year, thanks to a wage development program launched earlier this year.

In addition to the gross average wage, we should examine the net values ​​as well, which will become more important especially from next year when more subsidies, such as tax rebates or PIT benefits for those under 25, come into effect. These will not appear in gross wages, but net wages could significantly increase. In June, the average net salary was EUR 820 (~HUF 290,000), which is expected to exceed EUR 849 (~HUF 300,000) in the upcoming months, especially at the end of the year.

Read also:

• Consultations start on next year’s minimum wages
• Are you earning below the average salary in Hungary?

Source: vg.hu; hvg.hu