3/4 of SME's in Hungary Not Raising Salaries

  • 6 Feb 2024 9:37 AM
  • Budapest Business Journal
3/4 of SME's in Hungary Not Raising Salaries
Some three-quarters of SMEs will not raise their salaries, according to a survey by the Association of Entrepreneurs and Employers, RTL reported.

Only the wages of skilled workers earning the minimum wage, who already took home more in January, would be increased.

According to the association, it shocked businesses as orders fell due to the declining purchasing power of salaries.

Its survey reveals that 9% of companies are planning layoffs, although most expect economic uncertainties.

According to Hungary's Economic Research Institute (GKI), the standard of living of those who do not receive a salary increase this year could decrease significantly.

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Budapest Business Journal

Hungary's largest and oldest source of business and financial news in English. Since 1992 it has presented essential information on Hungarian business life, including international analyses about the country. These days the BBJ newspaper is published every other week, while it releases daily business news online including premium paid content.

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