Employers, Unions Reach Minimum Wage Deal

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Employers and unions reached an agreement on minimum wage rises at a forum yesterday, Minister of Economic Development Márton Nagy said in a statement issued by his ministry.

At a meeting of the VKF, a panel of employers, unions and the government, the sides agreed the monthly minimum wage for unskilled laborers would rise by 15% to HUF 266,800, while the minimum wage for skilled workers would increase by 10% to HUF 326,000 from December.

The parties make a recommendation to the effect that, taking into account the opportunities in the competitive sector, the real value of wages must be preserved in 2024, therefore all companies are encouraged to increase wages in accordance with their own business, financial and wage market situation and start negotiations on the concept of renewing the wage system in such a way that wages can maintain their purchasing power in the long term.

Nagy had taken part in the meeting, and welcomed the decision, indicating that the government would discuss the proposals and create the necessary legislation as soon as possible.

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