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Working In Hungary 'Increasingly Worthwhile' Says Economy Ministry

• 2 May 2018 6:57 AM
• Hungary Matters

Addressing International Workers’ Day, the economy ministry said in a statement that thanks to tax cuts and pay rises, working in Hungary was becoming increasingly worthwhile.

Since 2010, the jobless rate has fallen by two-thirds to a historic low and real wages have been growing for over five consecutive years, the ministry said.

Thanks to a wage agreement signed between representatives of the government and businesses in 2016, similarly to last year, the minimum wages for both skilled and unskilled workers rose by more than 10% at the beginning of 2018.

In addition to working on reaching full employment, the government’s goal is to ensure that workers feel the effects of Hungary’s economic growth, the ministry said.

At the beginning of 2018, net wages calculated excluding family benefits were 56% higher compared with early 2010. At the same time, real wages rose by more than 32% and by more than 38% including family benefits over the past eight years, the statement said.

Hungary’s GDP growth rate of above 4% suggests that wages are likely to continue growing in the coming period, leading to increased employment and a continued steady rise in living standards, the ministry added.

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