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Nov 03, 2016

Real wages to rise considerably within the next five years

The Hungarian economy has strengthened considerably since 2010 with the unemployment rate consistently below 5 percent and the budget deficit at an all-time low

Wage rises will be one of the Hungarian government’s top priorities in the coming years, János Lázár, chief of the Prime Minister's Officegovernment office chief, has said.

Minister Lázár added that he believed it was realistic to project that real wages could rise by 30 to 40 percent within the next five years.

Lázár said the wage pressure is growing in the Hungarian economy with businesses pushing for payroll tax cuts, MTI reports.

Decisions about wage increases should be stable and predictable, Lázár said, adding that the government should promote both pay hikes and investments.

He noted the Hungarian economy has strengthened considerably since 2010 with the unemployment rate consistently below 5 percent and the budget deficit at an all-time low.

The government also aims to reduce administrative burdens for companies in connection with preparing their tax returns, he added.