What happened to Hungary? – over 2 million living under the breadline?
In recent years, it seems that the financial situation of Hungarians, in general, has been very poor compared to many other countries in the European Union. According to recent statistics, Hungary’s minimum wage is the second-worst in the EU. Now, it seems that more than 2 million Hungarians, which is more than one-fifth of the country’s population, live under the poverty line.
According to the statistics of GKI Economic Research Co., the concentration of the income of the Hungarian population has not changed over the last 10 years, despite supposed economic growth, the research company drew the attention of MTI to their recent statement.
The wealth of the richest 10% accounted for nearly a quarter of the total income of Hungary’s population,
and the top 30% possessed half of the total income of the country in 2019, the same situation as it was back in 2010. But the other end is what is suffering; the income of households in the bottom 10% accounted for only 3% of the country’s total income, and even
the lowest 30% possesses just 14% of the total income, GKI Economic Research Co. highlighted.
24 stresses that according to the findings of GKI Economic Research Co., the actual situation might even be much direr, as the income of the most rapidly enriching strata is only partially included in these statistics, as foreign revenues are not always visible in all cases, meaning that they cannot be properly accounted for in these statistics.
Therefore, analysing these statistics shows that even at the peak of the supposed economic growth, more than 2 million Hungarian citizens had a monthly income under the breadline. In actual numbers, this means that
one-fifth of the country received less than HUF 101,000 (€280) or HUF 81,000 (€225) per month in the case of families with one child.
GKI Economic Research Co. also pointed out that while since 2010, wages have risen by almost 100% in nominal terms, the minimum wage is still the second-worst in the EU, pensions have risen by only 33%, and what is even more surprising is that social benefits have increased almost nothing.
Most of these are linked to the current minimum pension, which has remained unchanged at HUF 28,500 (€80) since 2010.
In order to change this, advocacies for the elderly have tried lobbying for quite some time, but according to them, the government has not listened.
Read alsoHungarian households are in the most difficult situation in the EU
Source: MTI, 24.hu
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3 Comments
Another great achievement for the autocrat, his mandarines ministers and his oligarch friends.
Some Pensioners freeze in the winter and can barely afford afford food but no matter, that’s the price the government is happy to pay in order to build expensive new sports stadia and to even entertain the barking mad idea of bidding for the Olympics!
Every country has people who live under the poverty line….but this does not necessarily mean that they are STANDING IN BREADLINES. And there are many places where people live above the poverty line but still choose to stand in breadlines and eat at soup kitchens. There are people who chose to be poor, then there are circumstances that throw people into poverty and sometimes trap them there. Minimum wage is VERY important. But so are lifestyle choices. For instance, I know people who make a really good income, infact they have 2 incomes. But over all they do not have greater wealth than I (who was a single mother with 2 children since they were 3 & 5 ) have accumulated. From what I see they eat a high proportion of their earnings. They spend a lot on entertainment inside their home & outside. They have 2 cars & intend to keep both despite the one has recently retired. Over years, such choices of spending rather than saving all add up.
Stats don’t account for all aspects. Such as, are adults of 15- 25 (students) working at least part-time & contributing to their parents’ home or are they living completely out of their parents’ pockets? And adults over 25 or after graduating from their last year of school, are they paying proper room & board if still living with their family members? Or are they ‘bumming’ off others? They then should be considered as ‘standing in a breadline’ but no one would say that. To protect the feelings of their parents for having adults living off them, instead of standing on their own feet finally. So many ways to look at societal wealth standings.