Sándor Czomba: real wages increased by more than 10 percent in May

By: Trademagazin Date: 2024. 07. 24. 11:43

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As a result of targeted and effective government measures, inflation has remained unabated, as a result of which real wages have been rising continuously since September 2023, i.e. for 9 months, the purchasing power of wages increased by 10.4 percent in May – stated Sándor Czomba, responsible for employment policy at the Ministry of National Economy (NGM) state secretary on Wednesday, evaluating the latest earnings data.

In his announcement, he recalled that based on the latest data from the Central Statistical Office (KSH), wages continued to rise strongly in May 2024. The average gross salary increased to HUF 652,000, i.e. salaries increased by HUF 84,000 or 14.8 percent compared to the same period of the previous year.

He pointed out: as a result of targeted and effective government measures, inflation has remained unabated, reaching 3.7 percent in June 2024, surpassing market expectations. As a result, real wages have been increasing continuously since September 2023, i.e. for 9 months, and the purchasing power of wages increased by 10.4 percent in May. He added that, thanks to the agreement between employers and employees, the minimum wage and the guaranteed minimum wage were increased by 15 percent and 10 percent, respectively, in an unprecedented way in December 2023.
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