The Hungarian government will raise the minimum wage by 15% to 266,800 forints (EUR 709), while the minimum wage for degree holders will increase by 10% to 326,000 forints from next month.
After an agreement was reached by representatives of the government, employers, and employees, Márton Nagy, the economic development minister, said further measures to preserve the real value of wages would be needed in 2024, and he urged all businesses to implement further pay hikes in line with their financial and market position. He said the government would initiate talks aimed at reforming the wage system to ensure the protection of the real value of wages in the long run. The minister thanked participants in the talks for their cooperation but slammed union federation MSZSZ for “neglecting the interests of employees” and “trying to delay the talks” as well as their declining to sign the agreement. Nagy said the government would continue “to counterbalance the impacts of the war and sanctions by reinforcing the economy and boosting the competitiveness of Hungarian businesses” while working to ensure that real wages rose by 4-5% next year.