Portfolio.hu: A wage explosion is taking place in Hungary that has hardly any precedent in the EU

Citing Eurostat, it was written that hourly labor costs in the EU increased by 5.1 percent in the third quarter of 2024 compared to the same period of the previous year.

Of the two components of labor costs, wages increased by 5.0 percent, while non-wage costs (employer’s social security contributions, employment taxes) increased by 5.3 percent.

In Hungary, hourly labor costs increased by 14.1 percent between July and September 2024 compared to the third quarter of 2023, which is the third highest increase within the EU, it was announced.

It was noted that wages increased by a greater rate only in Romania (17.1 percent) and Croatia (15.1 percent).

Domestic non-wage labor costs increased by 12.8 percent in one year (which is the sixth highest increase in the EU).