Most Hungarians would need a net monthly salary of 350,000-450,000 forints to cover increased everyday costs.Continue reading
In January, 18 out of 19 industries saw their earnings growth rates exceed 10 percent, and two even crossed the 20 percent mark. While these increases still fall short of covering inflation, it is clear that wage dynamics have remained strong and employers have been able to raise wages despite the energy crisis and economic difficulties.
Wages in the mining sector have risen the most, by 21.2 percent overall, with a gross wage of HUF 554,000 (EUR 1,475), above the national average of HUF 528,000 (EUR 1,400). The second highest wage increase was in manufacturing, where earnings also rose by 20 percent, but this affected many more workers. In Hungary, almost one million people are employed in various sectors of the manufacturing industry. It is currently the sixth highest paid sector in the economy, with a gross salary of HUF 561,000 (EUR 1,490).
There is still no change in the Hungarian pay ranking, with the highest pay in the information and communication sector, where the average gross wage is currently HUF 867,000 (EUR 2,305). This is followed by financial intermediation with a gross wage of HUF 865,000 (EUR 2,300), followed by the energy sector, with an average of HUF 711,000 (EUR 1,890). At the bottom of the list are accommodation services and agriculture, with average gross salaries of HUF 349,000 (EUR 927) and HUF 395,000 (EUR 1,050) respectively.
However, the most important question in the current economic situation is still when real wages are expected to increase. Experts say this could happen around August or September if inflation falls as expected.
Meanwhile, a recent survey by financial website Pénzcentrum revealed which professions Hungarians consider overpaid or underpaid based on the recently published earnings statistics of the Hungarian Central Statistics Office.
As it turned out, Hungarians considered bankers, lawyers and local government representatives to be the most overpaid, with bankers often taking home salaries of over HUF 1 million (EUR 2,660).
In addition to the above three, jobs such as hairdresser, manicurist, and plumber were also considered overpaid. This is surprising because the average wage in these professions is less than HUF 300,000 gross (EUR 797) officially, however, it should be noted that a plumber sets his own prices and may well earn more than he declares.
The most underpaid, according to Hungarians, are nurses, teachers, and nursery school teachers. In all three professions, well over 70 percent of respondents said they are not paid enough and all three earn below average – but they still get paid more than, for example, hairdressers or craftsmen who are perceived to be overpaid, according to the statistics.
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