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Minimum Wage Agreement Signed

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Photo by valiantsin suprunovich / Shutterstock.com

An agreement reached days earlier by unions and employers associations on minimum wage rises was signed on Monday, the Economic Development Ministry said, according to a report by state news wire MTI.

The agreement was signed by all members of the VKF, a forum of employers, unions, and the government, with the exception of unions association Maszsz.

Under the deal, the monthly minimum wage for unskilled laborers will rise by 15% to HUF 266,800, while the minimum wage for skilled workers will increase by 10% to HUF 326,000 from December 1.

The agreement contains a recommendation for businesses to raise pay to a degree that ensures real wage growth. It also paves the way for talks on changes to the minimum wage system that would preserve earners' purchasing power and expresses the sides' commitment to encouraging collective contracts.

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