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Dec 22, 2017

Hungary’s average wage rose by an annual 12.8 percent in October

Hungary's wages have been boosted by a higher minimum wage as well as pay increases for social services and healthcare workers and some state employees

Hungary’s average wage rose by an annual 12.8 percent to 295,836 HUF (944 EUR) in October, the Central Statistical Office (KSH) has revealed.

According to MTI, wages grew at the same pace as gross wages, also climbing 12.8 percent to 196,731 HUF.

KSH said that wages have been boosted by a higher minimum wage as well as pay increases for social services and healthcare workers and some state employees.

Mihály Varga, minister for National Economy, said the wage growth was in line with the government’s expectations. He added that October’s wage growth puts Hungary in second place regionally, behind Poland and ahead of Slovakia and the Czech Republic.

The minister said the government wanted Hungary to close the regional wage gap at a faster pace. The minister noted that under a six-year agreement reached at the end of last year between the government, employers and unions, minimum wages for unskilled workers have risen by 15 percent and for skilled workers by 25 percent this year.

He added that this agreement and further steps taken in the application of career models have delivered an increase of more than 10 percent in real wages, and the economy continues to strengthen.