Sándor Czomba: real wages also increased significantly in June, by more than 9 percent

By: Trademagazin Date: 2024. 08. 26. 11:48

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Thanks to persistently low inflation and outstanding wage dynamics, real wages are rising continuously and significantly, stated Sándor Czomba, State Secretary of the Ministry of Economic Affairs (NGM) responsible for employment policy, in his commentary on the latest earnings data on Monday. He emphasized: in June, the increase in real wages amounted to 9.3 percent, i.e. since September 2023, the purchasing power of family income has been increasing for the tenth month.

The state secretary cited the latest data from the Central Statistical Office (KSH), according to which the pace of domestic wage growth was outstanding in June 2024 as well, with the average gross salary increasing by 13.3 percent in one year, reaching HUF 642,000. Compared to the same period of the previous year, salaries increased by more than HUF 75,000, the state secretary added.

He found that the growth of employment and wages is unbroken, compared to the Gyurcsány era, there are more than 1 million more people working today, and the average employee wage has more than tripled. The increase in wages was realized in an inclusive and involving way, because the minimum wage and the guaranteed minimum wage have already increased 3.6 times compared to 2010, which exceeds the growth rate of the average wage.