In four months, around 8,000 Hungarian workers have left Austria.Continue reading
According to data from the Hungarian Central Statistical Office (KSH), 4.7 million people were employed in Hungary in November, marking an increase of 18,000 in one year.
Analyzing the data, Sándor Czomba, State Secretary for Employment Policy, highlighted the strength of Hungary’s work-based society. Despite economic challenges from war and sanctions, the country has protected jobs and witnessed a rise in employment.
Compared to pre-2010 figures, the unemployment rate has more than halved, standing among the EU’s lowest.
Over one million more people are employed, and average wages, minimum wages, and guaranteed minimum wages have tripled. The number of registered job seekers is at a historic low, enabling those willing to work to find employment and earn higher wages.
2023 saw disinflation, and 2024 is expected to be a year of economic recovery. The government aims to sustain dynamic wage growth. Following the real wage turnaround in September 2023, the purchasing power of wages is projected to increase by 4-5% this year. To achieve 4% economic growth, the government will focus on restoring consumption, maintaining an investment rate above 25%, and increasing labor market activity.
A new targeted labor market program is in preparation.
The state secretary emphasized the need for more working hands, aiming to activate all available labor reserves. To involve more disadvantaged groups, a targeted employment program, with a budget of around EUR 2.6 billion, will be launched. This program will facilitate inter-generational knowledge transfer and the integration of early-career job seekers.
From January, companies seeking to replace retiring workers can apply for a wage supplement. The scheme aims to aid knowledge transfer from experienced workers to new generations, facilitating smoother transitions in the workforce.
Details of the program will be available on the website of OFA Nonprofit Ltd. within days.
Via MTI; Featured Image: Pixabay