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Minimum Wage Could Rise 10-15% in 2024 - Minister

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Hungary's minimum wage could rise by 10-15% next year, Economic Development Minister Márton Nagy said at a conference on Monday to mark the 55th anniversary of the founding of business daily Világgazdaság, according to a report by state news wire MTI.

Nagy said an agreement on the minimum wage "spanning several years" could be reached.

Under a deal sealed by employers and unions late last year, this year's statutory monthly minimum wage was raised by 16% to HUF 232,000 for unskilled laborers and by 14% to HUF 296,400 for skilled workers.

Nagy said real wages needed to start growing again for consumption to recover, with pass-through to investments and higher earnings in the domestic production sector. September data could show a return to real wage growth, he added but warned that the highest real interest rates in the region could be a drag on consumption and the economic recovery.

By focusing solely on inflation, the central bank is "acting like a cyclops", he said. "I hope they aren't blinded," he added.

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