Hungary’s employment figures have stabilized at a robust 4.7 million workers in October 2024, according to the latest data from the Central Statistical Office (KSH). The slight seasonal decline reflects the record-breaking employment levels recorded last autumn, State Secretary for Employment Policy Sándor Czomba noted in a Friday statement.
‘Since 2010 the government’s unwavering goal has been clear: anyone who is willing and able to work should have the opportunity to do so,’ Czomba said. He highlighted the government’s achievements in reinforcing a work-based society, with one million more people employed today compared to the Gyurcsány era.
The government has successfully implemented the first point of its 21-measure economic action plan by brokering a landmark three-year wage agreement between labour and employer representatives. Under this agreement, the minimum wage is set to rise significantly over the coming years; by 2027 a 14 per cent increase to 374,600 forints is expected.
‘The minimum wage in Hungary is set to rise significantly over the coming years’
These increments will result in a fourfold increase in the minimum wage compared to 2010. To ease the financial burden on businesses paying minimum wage, employers will be allowed to delay payments of the increased social contribution tax, aligning it with prior years’ rates.
In addition to wage adjustments, the government has introduced several measures to enhance income purchasing power and support small and medium-sized enterprises (SMEs). Key initiatives include the launch of the Worker Credit Programme, doubling family tax benefits for children, and the Demján Sándor Programme, designed to aid SMEs.
‘These measures, alongside the wage agreement, will stimulate consumption and contribute to a projected economic growth exceeding 3 per cent in 2025,’ Czomba emphasized.
The latest employment figures underscore the resilience of Hungary’s labour market, with employment consistently above 4.7 million for over a year. The government’s comprehensive economic strategy, aimed at sustaining growth and improving living standards, continues to yield visible results.
As Hungary looks ahead, these policies are set to reinforce the foundation for a thriving labour market and a growing economy, maintaining momentum well into the coming years.
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