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2024 Minimum Wage Talks 'Going Well'

Analysis

Photo by valiantsin suprunovich / Shutterstock.com

Talks on next year's minimum wage rise are "going well," and an agreement could "very likely" be reached by the second half of November, State Secretary for Employment Policy Sándor Czomba said on public radio. Czomba said there wasn't "really a precedent" for sealing a minimum wage deal so early. 

The prognosis of the VKF, a forum of employers, unions and the government, points to a 10% and 15% increase in the minimum wage for skilled workers and unskilled laborers, respectively, he added. Assuming average annual inflation of 6%, real wage growth is clearly expected, he said. 

The government will soon decide on a proposal by unions and employers to allow businesses to give workers a one-off payment of HUF 100,000, exempt from payroll tax, he added. The VKF is weighing wage development in the long term along with advantages and disadvantages, he said. 

For the two minimum wages to converge will require a horizon spanning years, he added. Hungary's statutory monthly minimum wage was raised by 16% to HUF 232,000 for unskilled laborers and 14% to HUF 296,400 for skilled workers on Jan. 1.

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