A never-before-seen wage increase is possible for SMEs

By: Trademagazin Date: 2022. 08. 30. 12:04

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In line with the increase in inflation, SMEs are preparing for an unprecedented wage increase of 11 percent, according to the second quarter results of the K&H SME Confidence Index 2022. In addition, more and more companies plan to give their employees fringe benefits, primarily transportation reimbursement, 13th month salary and meal allowance. Employment is stable in the sector, but the labor shortage in industry is becoming more pressing.

Wages may increase in the SME sector

Employees of the SME sector can earn more money. According to the K&H SME confidence index, which shows the expectations of Hungarian micro, small and medium-sized enterprises for the next year, companies are preparing for a record wage increase.

“On average, businesses expect an 11 percent higher salary in the 12 months ahead, which is the highest value in the history of the index so far. This means that the companies are planning an increase in line with inflation, since according to the MNB’s latest report in June, inflation may be between 11 and 12.6 percent in 2022”

– said Zoltán Rammacher, head of K&H SME marketing and sales support.

“Nowadays, it is not only the salary that is important to employees, but it still has a serious effect on retaining employees. A stable workforce is becoming more and more important for companies in the current economic situation”

– added the specialist.

K&H Press