The real value of salaries has been rising steadily for the eleventh month, and employment is also constantly expanding. Compared to 2010, there are 1 million more people working, while an average Hungarian worker can take home more than three times more salary - this is how Sándor Czomba, the state secretary responsible for employment policy at the Ministry of Economic Affairs (NGM), commented on the latest earnings data in his statement.
He cited the latest data from the Central Statistical Office (KSH), according to which
In July 2024, the gross average salary increased to HUF 636,700, so the pace of domestic wage growth was also outstanding in the seventh month of the year. Compared to the same period of the previous year, the gross average salary increased by HUF 78,000, i.e. 14 percent.
In July, the outstanding growth of real wages continued, the purchasing power of wages increased by 9.4 percent. This is still due to inflation, which has been reduced to a low level and has been kept there, as well as high wage growth. The large increase in purchasing power contributes to the increase in consumption and thus economic performance, Sándor Czomba stated.
The state secretary added that the government remains committed to further increasing the growth rate of wages, especially with regard to the minimum wage, thereby giving special support to those with lower incomes. Negotiations between employers and employees are currently ongoing, however, the government supports the minimum wage reaching 50 percent of the regular gross average salary by 2027, confirmed Sándor Czomba.
MTI
Photo: MTI/Imre Faludi
