In the third quarter, the average gross hourly wage of skilled and trained workers performing manual labor was HUF 1,855 (approx 5.01 EUR), which is a 17.4 percent increase compared to HUF 1,579 (approx 4.26 EUR) measured in the same period of the previous year, Trenkwalder and Moore Hungary told MTI on Monday.
In its analysis, Trenkwalder, which deals with labor hire and mediation, processed the salary data of almost 7,000 employees.
While in Northern Hungary the average physical hourly wage is around HUF 1,600 (approx 4.324.32 EUR), in the other regions between HUF 1,700-1,900 (approx 4.59-5.13 EUR). In Central Hungary and the capital, however, average hourly wages have already exceeded HUF 2,500 (approx 6.75 EUR).
Viktor Hamrák, Trenkwalder’s director of services, explained in the announcement that, thanks to the decrease in the consumer price index, the rate of wage increases started to outpace inflation again after more than a year. According to the Central Statistical Office (KSH), in September consumer prices were on average 12.2 percent higher than a year earlier, that is, the real value of manual labor wages increased by about 5 percent compared to 12 months ago. Based on the forecasts, it can be expected that the purchasing value of the earnings of manual workers will continue to increase in the coming quarters, the expert indicated.
At the same time, the consulting and auditing company Moore Hungary examined the salary data of almost 500 middle managers working at the Hungarian subsidiaries of more than 60 international companies. In the third quarter of 2023, the wage increase for employees in the monthly gross salary range between HUF 700,000 and HUF 1 million was on average 9.2 percent compared to the same period of the previous year.
Péter Hajnal, the managing partner of Moore Hungary, noted in the announcement that the primary goal of many businesses is to ensure continuous operation due to increased costs. However, in addition to the gradual decrease of the consumer price index, it is expected that by the end of the year the gradual increase of real wages in this category may also begin.