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    Home»News»Hungary government to increase minimum wage by 16% for 2023
    News

    Hungary government to increase minimum wage by 16% for 2023

    HRK News BureauBy HRK News BureauDecember 19, 2022Updated:December 19, 20222 Mins Read6000 Views
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    The Hungarian government has agreed on a 16 percent minimum wage
    increase for next year. The decision comes from Prime Minister Viktor Orban
    and private sector employers amidst an expected surge in inflation.

    Making the announcement on Facebook, the government declared a minimum
    wage rise to 232,000 forints ($605.46) a month from January. The post also
    said that the minimum wage for skilled workers would rise by 14% to 296,400
    forints.

    As per a Reuters report, the government is expecting inflation to soar to
    around 25 per cent by the end of the year.

    The Hungarian employers' association VOSZ intimated that the parties also
    agreed to reassess the pay agreement if inflation hits 18% in 2023 and Hungary
    avoids recession. Additionally, Orban's minister of economic development
    Marton Nagy stated that the government anticipates GDP growth to drop from
    approximately 5 percent this year to 1.5 percent in 2023.

    Although much of Europe is experiencing a recession, the labour market has
    held up well across the EU as a persistent dearth of competent workers has
    increased employee negotiating strength amid high turnover.

    Reportedly, in the run-up to parliamentary elections that the ruling party will
    have to contend with amid a crisis in the cost of living, Poland will also
    drastically boost minimum wages next year. Polish inflation is also in double
    digits and continually growing.

    Employee wages Hungary Hungary government minimum wage
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