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Dunaferr raises wages by 13% on average

Iron- and steel group Dunaferr announced it will raise the salary of its employees by an average of 13% in 2019, after signing a deal with trade union representatives this week, the company told the Budapest Business Journal.

"We are proud that our company group did not only survive the crisis of metallurgy, but managed to get on a growth course, completing technological developments, and investments," says Evgeny Tankhilevich, company head at ISD Dunaferr Zrt.

"The 5,000 professionals working at the Dunaferr group played a key role in this, persevering in harder times, and working hard to prove that steel production in Hungary has a promising future, not only a glorious past."

Tankhilevich also notes that the company aims at maintaining its competitiveness on the job market, in accordance with the companyʼs long-term plans.

The firmʼs production volume goal for 2019 is a record two million tons, and is accompanied by targets for reaching a broad range of quality criteria, making penetration into new steel market segments possible.

The elements of the collective wage contract signed include a HUF 25,000 per month increase for every worker, alongside a 6.25% differentiated wage development. The employer is also set to compensate for extra expenses related to income tax changes with fringe benefits. These will also increase by 13%, in line with wage increases.