Hungarian employers, employees reach agreement on minimum wage hike

The government will raise the minimum wage by 15% to HUF 266,800 (EUR 709), while the minimum wage for degree holders will increase by 10% to HUF 326,000 (EUR 865) from next month, the economic development minister said in a statement on Thursday.

Márton Nagy spoke after an agreement had been reached by representatives of the government, employers, and employees, and called for further efforts to preserve the real value of wages in 2024, and urged all businesses to implement further pay hikes in line with their financial and market position.

He said the government would initiate talks aimed at reforming the wage system to ensure a protection to the real value of wages in the long run.

The minister thanked participants in the talks for their cooperation, but slammed union federation MSZSZ for “neglecting the interests of employees” and “trying to delay the talks” as well as their declining to sign the agreement.

The government will continue working “to counterbalance the impacts of the war and sanctions in the interest of protecting families, reinforcing the Hungarian economy and boosting the competitiveness of Hungarian businesses, the minister said.

The government will further support a dynamic increase in wages, with the aim of increasing their real value by 4-5 percent next year, he added.

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