Public sector real wages seen to drop 6%-8% by 2008
Hungary's new austerity package could result in a 3%-4% fall-off in real wages in both this year and the next, Finance Ministry undersecretary Álmos Kovács told a conference on Friday. However, real income, which includes benefits and in-kind contribution, would drop less, by 2%-3%, he said. Kovács noted that the drop in real wages would come entirely from the public sector; private sector wages are unlikely to decrease. Kovács's statements go counter to earlier statements by government officials that the austerity program would not result in a fall in real wages this year. (Econews)
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.