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.
Source: MTI, 24.hu