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Prime Minister Viktor Orbán announced next year’s wage agreement on Thursday morning, stating on social media that the minimum wage will increase by 11% and the guaranteed minimum wage by 7% from January 2026. The document was signed shortly thereafter.
“After months of negotiations, an agreement has been reached between employers and employees,” Viktor Orbán announced on Thursday morning. “This means that from January 1, the income of a total of 700,000 families will definitely increase, and we have not even mentioned the increased family allowances yet,” he continued. To this end, “the government has contributed with an 11-point tax reduction program that will reduce the tax burden on SMEs by 90 billion forints (234 million euros / 1 euro=381,85 forints),” he explained in a Facebook post.
The document was signed shortly thereafter, on Thursday morning in Budapest.
The minimum wage will increase by 11% to 322,800 forints per month, while the guaranteed minimum wage will increase by 7% to 373,200 forints per month,
the Prime Minister Orbán announced at the signing of the document.
He indicated that they cannot take economic growth above a certain level as long as “the shadow of war is hanging over our heads” and has a serious impact on Central Europe and the German economic zone. “In such international circumstances, it is even more important that it was not the government that had to decide, but that the parties were able to reach an agreement,” he pointed out. He noted that the agreement was also complicated by the fact that a previously concluded three-year agreement had to be amended. The agreement had to be amended, he said, because growth was lower due to the war and the commitments contained in the original agreement were no longer tenable.
Fact
At the beginning of November last year, the government announced a three-year wage agreement, under which gradual wage increases were outlined until 2027. As a result, by 2027, the minimum wage would reach 50% of the average regular gross income. Originally, the minimum wage was supposed to increase by 13% in 2026 (to 328,600 forints).
However, this level of increase will not be achieved given the current announcement. The reason for this lies in the fact that economic growth has fallen well short of expectations this year. At the end of 2024, the government was still targeting 3% growth for 2025, but this was later revised to 1% by the Ministry for National Economy during the year. As we reported earlier, domestic GDP continues to grow very slowly, significantly held back by industry and agriculture.
PM Orbán considered it a major achievement that the parties were able to reach an agreement on the amendment to the contract, saying that this required much more willpower than creating a contract.
He emphasized that the government contributed to the agreement partly through tax cuts and partly through tax breaks for small and medium-sized enterprises as agreed with the Chamber of Commerce and Industry.
This “took 90 billion forints out of the budget,” hence it was not possible to implement the contribution reductions they would have liked, because it did not fit within the framework of reasonable budget management,
he pointed out.
He recalled that compared to 2010, one million more people are working. Today, labor shortages are a more significant challenge for the economy than unemployment, he said.
At the same time, he pointed out that jobs are useless if people feel that they are not being paid enough for their work, and people generally believe that the value of their work is greater than the wages they receive for it. This is why employers and the state, which also acts as an employer, are under constant wage pressure, he added.
He said it was very important that the market be given priority in determining wages in Hungary. That is why the government does not set the minimum wage in Hungary, and has been striving for almost 20 years to ensure that wage increases are always agreed upon by the parties in the market, he noted. This agreement helps employers and employees feel that wage regulation is independent of the government and is based on market conditions and their own decisions, and also helps them continue to accept the government not as a public authority interfering in wage setting, but rather as an economic policy partner, the Prime Minister added.
Via MTI, Featured image: MTI/Miniszterelnöki Kommunikációs Főosztály/Kaiser Ákos
The post Prime Minister Announces Minimum Wage Increase appeared first on Hungary Today.
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