According to the latest data from the Hungarian Central Statistical Office (KSH), the average gross wage in Hungary reached 637,000 forints in October 2024, continuing the trend of dynamic salary growth. This represents an increase of over 72,000 forints, or nearly 13 per cent, compared to the same period last year.
Sándor Czomba, Secretary of State for Employment Policy at the Ministry of National Economy, highlighted these favourable statistics in a recent statement. He emphasized that sustained low inflation, combined with rising wages, has driven real wages to grow significantly for 14 consecutive months. In October, real wages increased by 9.4 per cent year-on-year, enhancing household purchasing power and boosting consumption.
Czomba attributed this positive trajectory to the government’s economic measures, which have strengthened families’ purchasing power and contributed to broader economic recovery. He expressed confidence that these policies will help Hungary achieve GDP growth exceeding 3 per cent in 2025. ‘The purchasing power of household incomes is steadily increasing, which stimulates consumption and supports economic growth,’ Czomba noted.
The Secretary of State also praised the robust labour market conditions. As of October, nearly 4.7 million people were employed in Hungary, marking an increase of one million workers since 2010. Over the same period, average wages have more than tripled. Czomba underscored the government’s commitment to improving the purchasing power of incomes. He highlighted the implementation of the first measure under the New Economic Policy Action Plan, which includes a comprehensive three-year wage agreement between workers’ and employers’ representatives.
Under this agreement, Hungary’s minimum wage is set to increase by 40 per cent by 2027, with incremental raises of 9 per cent in 2025, 13 per cent in 2026, and 14 per cent in 2027. By the end of the agreement, the minimum wage is expected to reach 374,600 forints.
Beyond wage agreements, the government is implementing additional measures to strengthen purchasing power. Initiatives include the introduction of worker-friendly credit programmes and a doubling of family tax benefits for children.
Czomba reaffirmed the government’s ambition to elevate the minimum wage to 1,000 euros and the average wage to 1 million forints in the near future. These efforts aim to ensure that economic prosperity benefits the widest possible segment of society, particularly lower-income workers.
‘This wage agreement guarantees above-average increases for lower-income earners, ensuring that the benefits of economic recovery are widely shared,’ Czomba concluded.
With policies focused on wage growth, employment, and purchasing power, the Hungarian government aims to sustain its economic momentum. As wages rise and inflation remains in check, the outlook for families and the broader economy appears increasingly positive.
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