Real wages rose by nearly nine percent in the first five months of the year, marking 113 months of uninterrupted real wage growth in Hungary, the Ministry of Technology and Industry said.
Both gross and net wages were 18.5 percent higher than a year earlier.
In January-May 2022, compared to the same period in 2010, gross earnings increased by 147.6 percent, net earnings excluding discounts by 152 percent, and net earnings including family discounts by almost 161 percent.
Between 2010 and 2021, the increase in real earnings without discounts was 66.6 percent and 72.7 percent including discounts. By 2021, the real earnings of those with one child increased by 93.3 percent, those with two children by 124.6 percent and those with three children by 128.6 percent.
Following a rise of nearly 20 percent from January this year, the minimum wage in Hungary rose to HUF 200,000 and the guaranteed minimum wage to HUF 260,000, higher than in any other country in the region.
Mandatory minimum wages have risen to almost three times the 2010 level, so the minimum wage is now higher than the average wage 12 years ago. Double-digit wage growth is likely to be achieved again this year, boosted by the favorable economic situation at the beginning of the year and the spill-over effect of the expected increase in the minimum wage, as well as by public sector wage improvements.
The number of people in employment has been around 4.7 million since last summer, more than at any time since the fall of communism.