Romania’s minimum wage rises, surpasses Hungary in EU rankings
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Due to the rapid increase in the Romanian minimum wage, Hungarian wages have fallen in the ranking of EU member states and in comparison to other countries in the region.
The minimal wage in Romania has risen by nearly 23% within a year, thanks to the second increase in the last six months, which took effect on July 1. The country’s minimum wage was raised by 12% in February and by 10% at the beginning of the year, as reported by 444.
Due to the rapid increase in the Romanian minimum wage, Hungarian wages have fallen in the ranking of EU member states and in comparison to other countries in the region. In the 2010s, Hungarian wages were on par with the minimum wages in the V4 countries. However, the forint has depreciated significantly since then, and other countries have also begun a notable catch-up process, yielding visible results.
According to data from the second half of the year, the Hungarian gross minimum wage was EUR 675.27, while the Romanian minimum wage was 10% higher at EUR 743.37. The Hungarian minimum wage was only 8% higher than the previous year, due to the weakening of the forint against the euro each year.
While gross pay is essential information, what truly matters for workers is their take-home pay, and the picture is not much better in this regard. Although the Romanian gross minimum wage is already 10% higher than the Hungarian one, the net difference is only 6%.
The difference between the gross and net wages is due to varying tax rates, as gross wages are taxed slightly more heavily in Romania (38%) than in Hungary (33.5%).
Orban, his Fidesz led Government, the “Dud” as a Minister of Finance that is Mihaly Varga, the continuation of decline right across the Economy and “broader” landscape of the Hungarian Economic & Financial outlook, this article does not SUPRISE, on Romania’s “elevation” over the capitulation picture that is Hungary.
Orban, Varga – the Fidesz Government of Hungary – have DELIVERED us to this “un-known” nadir trend – that has FACTUALLY engulfed Hungary.
Romanians – greatly Get / Receive more VALUE for there MONEY – than we do in Hungary.
Hungary – we continue Orban & Varga to SCREW us, bleed us DRY, amidst Inflation – that is RISING again throughout Hungary.
Nothing, absolutely nothing is getting CHEAPER in Hungary.