Wages
The increase in the minimum wage, which was brought forward to December, had an impact: real wages had already increased by double digits at the end of the year.
According to the Central Statistical Office (KSH), gross and net wages increased by an average of 14.2% in 2023, but real wages over the entire year fell by 2.9% given the average annual inflation of 17.6%. At the end of the year, however, the situation was already completely different: the median wage, gross at 495,000 forints, was just shy of the magic threshold of half a million, while the standard employee brought home just under 345,000 forints (approx. 900 euros) per month. On average for the national economy, the KSH calculated a gross figure of 655,000 forints for full-time employees, but without the typical bonuses and special payments at the end of the year, only 565,000 forints. However, with the inflation rate falling to 5.5%, this resulted in a whopping increase in real wages of 10.3%.
In December, the gross wage range extended from 420,000 forints in the hospitality sector to 1.25 million forints in the financial sector. At the end of the year, an average of 580,000 forints gross (+17.5%) was paid in the public sector, 670,000 forints (+15.6%) in the competition sector, and 725,000 forints (+20.2%) in the non-profit sector.
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