According to statistics, Hungarians live quite well: but do we really?
Gross wages in Hungary grew by an annual 14.0 percent in October, to HUF 564,400 (EUR 1,469), the Central Statistical Office (KSH) said on Thursday.
The average net wage including benefits rose by 14.0 percent to HUF 389,300 (EUR 1016), KSH said.
The average gross wage without benefits increased by 14.5 percent, to HUF 540,200 (EUR 1410).
Real wages increased by 3.7 percent, calculating with October CPI of 9.9 percent.
Meanwhile, a pay rise of nearly HUF 1 million (EUR 2610) is helping Viktor Orbán in these tough times. Interestingly, even the Europe-record inflation cannot affect MPs’ salaries. Under a 2018 amendment to the law, MPs’ basic salaries are set at three times the average gross salary of the previous year, Economx informs.
Commenting on the data, Sándor Czomba, the state secretary for employment policy, said real wage growth continued in October after a September turnaround. This was made possible by the fact that the government’s targeted measures such as online price monitoring and mandatory supermarket discounts brought down inflation into single digits by October, he added.
The increase in wages will contribute to the recovery of consumption, which in turn can be reflected in economic performance, the state secretary said.
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2 Comments
Reminder: single digit inflation still means prices are rising. Every day.
The wealthiest area in the US is Goverment employees of DC area, followed by Silicon Valley – as someone who has lived in both areas, you have nothing to complain about. People make a lot of money there, but it also cost a lot to live there. Opportunity here is amazing – people need to make things happen and stop waiting for the goverment to do it for them