logo
Real wages grow by 3.5 percent

Real wages grow by 3.5 percent

Budapest Times21-05-2025

Full-time employees' average gross earnings were HUF 714,400 and average net earnings reached HUF 490,400 in March 2025. Average gross earnings grew by 8.5%, net earnings increased by 8.4% and real earnings were 3.5% higher than a year earlier. Median gross earnings were HUF 550,000, and median net earnings were HUF 381,700, surpassing the value for the same period of the previous year by 8.6% and 8.3%, respectively.
In March full-time employees' average gross earnings were HUF 714,400, which was 8.5% higher than a year earlier.
Average net earnings reached HUF 490,400, being 8.4% higher than in March 2024.
Regular average gross earnings (without premiums and one-month bonuses) were estimated at HUF 648,700, being 8.4% higher than in the same period of the previous year. The regular average gross earnings amounted to HUF 645,800 in the business sector, HUF 647,000 in the budgetary sector and HUF 681,400 in the non-profit sector, rising by 8.0%, 9.1% and 9.9%, respectively, over a year.
Real earnings were up by 3.5%, along with a 4.7% increase in consumer prices compared to the same period of the previous year.
Median gross earnings were HUF 550,000, being 8.6% above the level a year earlier.
Median net earnings reached HUF 381,700, surpassing the value for the same period of the previous year by 8.3%.
In January-March 2025 full-time employees' average gross earnings amounted to HUF 680,400, and average net earnings were HUF 467,600.
Average gross earnings increased by 9.2% and average net earnings by 9.1% compared to the same period of the previous year.

Hashtags

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Moody's affirms Hungary's investment-grade sovereign rating
Moody's affirms Hungary's investment-grade sovereign rating

Budapest Times

time21 hours ago

  • Budapest Times

Moody's affirms Hungary's investment-grade sovereign rating

Moody's Ratings affirmed Hungary's investment-grade sovereign rating at a scheduled review on Friday. The National Economy Ministry said in a statement that all three big credit rating agencies put Hungary in the investment-grade category, thanks to the stable foundations of the country's economy. Employment remains high, real wages are increasing dynamically, and domestic tourism should have another record year in 2025. International confidence is regularly confirmed by bond issues. Most recently, the Hungarian Development Bank's (MFB) EUR 1bn bond issue, with a 4.375pc coupon, drew significant international interest. The government is using Hungary's resources to support families and domestic SMEs, and is working to achieve the highest possible economic growth and to improve the credit rating outlook from the current negative to stable. It is implementing Europe's largest tax reduction programme and has introduced markup caps on food and non-food products, which is expected to further increase household consumption, the ministry said. In order to achieve sustainable GDP growth, the government aims to boost investments through expanding a scheme announced earlier to set up 100 new factories to 150 manufacturing bases and providing special support to domestic SMEs. The Demjan Sandor Programme aims to scale up SMEs with HUF 1,400bn in funding, including grants, preferential loans, a HUF 100bn capital scheme and HUF 130bn support for technology upgrades, the ministry said.

How does the ownership and succession of HUF assets work?
How does the ownership and succession of HUF assets work?

Mint

time2 days ago

  • Mint

How does the ownership and succession of HUF assets work?

HUF and HUF assets are two different concepts, as it is not necessary for an HUF to own assets. An HUF may exist because there are two or more living coparceners, but it may not own any assets. This is because Hindus get joint family status by birth, and joint property is simply an adjunct to the joint family. Let us discuss various aspects related to owning and succession of assets with special reference to HUF. Karta of an HUF can receive gifts on behalf of the HUF from non-family members, provided the donor gives specific direction that the gift is made for the benefit of the HUF. An HUF can also acquire assets under a 'Will' through a specific bequest in favour of the HUF by the deceased. Even members of the HUF can also throw their personal property into the common pot of the HUF, but any income arising from such transferred assets shall be clubbed with the income of the donor till the assets of the HUF are distributed. Even after the distribution of such HUF property, the share of the HUF property allotted to the spouse of the transferor will still continue to be clubbed with the income of the transferor spouse. Since members of the HUF are treated as relatives of the HUF, the gifts received from the members are not treated as income of the HUF under Section 56(2) at the time of receipt of the gift, and thus, the HUF can receive gifts of any value from its members. Please note that the gifts received from non-members shall become fully taxable in the hands of the HUF if the aggregate of all the gifts received by the HUF during the years exceeds ₹ 50,000. As long as the aggregate value of all the gifts received from non-members during the year does not exceed ₹ 50,000, the same is not to be treated as income of the HUF. In case of gifts through cheque or movable assets, no registration is required to be done, but gifts of immovable property need to be registered, and adequate stamp duty is also required to be paid. The coparceners of the HUF cannot gift or transfer their rights in the assets of the HUF during their lifetime, but are entitled to bequeath their share in the HUF assets through a 'Will'. Prior to the amendment of the Hindu Succession Act in 2005, the property of HUF used to devolve on the surviving coparceners of the HUF by survivorship, but the situation has changed post the amendment. In case no 'Will' is made by the coparcener, the share of the deceased coparcener in the HUF property passes on to the legal heirs as mentioned in class 1 of the first Schedule of the Hindu Succession Act, 1956. The assets acquired by such successors become their absolute property, which they are entitled to dispose of in the way they want. Since all the coparceners have rights in the assets of the HUF, the Karta cannot dispossess any coparcener of his rights in the HUF assets. In case any coparcener demands partition of the assets of the HUF, the karta has to give their share of the HUF assets to such coparcener. Though, as per the Hindu Law, partial partition of the HUF, either as regards the assets or as regards members, is fully valid, but the income tax laws do not recognise such partial partition. The income tax laws require that the partition of HUF should be full as regards all the assets as well as in respect of all the members. So, unless there is a full partition of the HUF, the income arising in respect of the partly distributed assets shall continue to be taxed in the hands of the HUF. The assets received by the coparceners on partition are his/her personal assets. The partition of the HUF needs to be taken on record by the income tax department and an order needs to be obtained recording such full partition. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.

Less travel, fewer trucks? Why some services are shrinking fast
Less travel, fewer trucks? Why some services are shrinking fast

Budapest Times

time2 days ago

  • Budapest Times

Less travel, fewer trucks? Why some services are shrinking fast

Service exports calculated in EUR decreased by 3.6%, and imports by 2.6% in the 1st quarter of 2025, compared to the same period of the previous year. The surplus reached EUR 2.2 billion, EUR 141 million less than in the 1st quarter of 2024. Export value lessened by 11%, that of import by 9.0%, generating EUR 446 million lower surplus compared to the 4th quarter of 2024. In the 1st quarter of 2025 the value of exports amounted to EUR 7.8 billion (HUF 3.2 thousand billion), that of imports to EUR 5.6 billion (HUF 2.3 thousand billion). The surplus of the external trade in services added up to EUR 2.2 billion (HUF 901 billion). Among service groups, transport services contributed with an amount of EUR 650 million, travel services with EUR 625 million, manufacturing services on physical inputs owned by others with EUR 491 million to the surplus of the 1st quarter of 2025. 64% of our service exports, 73% of our service imports were transacted with EU member states, generating a surplus of EUR 955 million in this relation. Germany remained our primary trading partner, accounting for 18% of the total turnover. The United States ranked second, followed by Austria, with their shares in service trade amounting to 8.4% and 8.2%. The proportion of business services accounted for 44% of total service exports (including 22% for other business services), transport services also had a significant share, 28% as well as travel services, with 17%. In terms of imports, business services also had a dominant share, accounting for 56% (including 28% for other business services), while transport services accounted for 27%, and travel for 13% of total service imports. In the 1st quarter of 2025, year-on-year the value of service exports and imports decreased by 3.6% and 2.6% in EUR terms, (increasing by 0.6% and 1.7% in HUF terms). The surplus was EUR 141 million (HUF 17 billion) lower compared to the same period of the previous year. The decline in the surplus was primarily driven by a deterioration in the balance of transport services (EUR –139 million), business services (EUR –46 million), partially offset by an improvement in the balance of travel services (EUR +78 million). In the turnoverwith the EU member states, our surplus decreased by EUR 147 million. The largest balance deteriorations were observed in trade with Malta and Austria (EUR –47 million each), as well as with Slovakia (EUR –35 million). In the case of non-EU countries, the surplus increased by only EUR 5.6 million. The most significant improvement was recorded in relation to the United Kingdom (EUR +103 million), offset by a deterioration in the trade with the United States and Russia, with EUR 63 million in both cases.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store