Domestic employers expect an average wage increase of 12%

By: Trademagazin Date: 2023. 12. 05. 11:48

This year, compared to the January plans, many more companies increased the wages of their employees, and the amount of the increase also exceeded the original ideas. The primary reason for this was to retain the workforce and it was meant to compensate for inflation, but in the end it did not reach its level. The wage increase ideas for 2024 are more modest than this year, but several employers are planning to increase the amount of the non-wage allowance next year.

Although last year 58% of companies planned wage increases for 2023, this has already been realized in even more places, at 72% of companies, so far this year. In the end, the level of this was also higher than planned: an average salary increase of 14% was implemented, but in many cases wage increases exceeding 15% occurred.

In the rapidly changing economic situation, it is a serious challenge for employers to plan wages for the long term, even though labor market trends urge the settlement of salaries and other related benefits as soon as possible. At the beginning of the year, the companies (62%) that planned to improve their salaries primarily counted on increasing their salaries in order to retain their employees. This September, among the plans for 2024, 53% of the companies plan to improve wages, and they would increase salaries by an average of 12%, according to recent research by Profession.hu.