Average Hourly Wage for Physical Workers Surpasses Two Thousand Forints in the First Quarter
According to Trenkwalder, there isn't a significant difference in the average hourly wages across most regions of the country, with figures ranging between 1,800 and 2,000 forints.
In the first quarter, the average gross hourly wage for skilled and semi-skilled physical labor workers was 2,061 forints, which represents a 15.9 percent increase compared to the 1,779 forints recorded in the same period of the previous year, as reported by Trenkwalder and Moore Hungary on Monday. Trenkwalder, a company specializing in labor leasing and recruitment, processed wage data from nearly 7,000 employees for this analysis.
The announcement quoted Viktor Hamrák, Trenkwalder's Director of Services, who stated that although some companies had implemented the due annual wage increase in the previous quarter because of the early minimum wage hike in December, by the end of the first quarter of this year, the average hourly rates for physical labor had increased by an additional 109 forints, surpassing the two thousand forint mark for the first time.
The Director of Services also noted that this annual growth rate of around 16 percent has resulted in a 12 percent increase in the real wages of physical workers compared to the same period of the previous year, partly thanks to the continued, albeit diminished, labor shortage.
According to the report, there isn't a significant variation in the average hourly wages for physical labor across most regions, with figures generally between 1,800 and 2,000 forints. Northern Hungary is slightly lower, with averages around 1,700 forints, while Central Transdanubia, as well as Central Hungary and the capital, exceed the average, with figures of 2,200 forints in the former and up to 2,750 forints in the latter areas.
At the same time, Moore Hungary, a consulting and audit firm, examined the wage data of nearly 500 middle managers working at more than 60 international companies’ Hungarian subsidiaries. Among these employees, who have monthly gross salaries ranging between 800,000 and 1.2 million forints, the rate of wage increase in the first quarter of this year was on average 10.3 percent compared to the same period last year.
Péter Hajnal, Managing Partner at Moore Hungary, pointed out in the announcement that the wage increases exceeding 10 percent ensure a solid rise in real wages by 6-7 percent, concurrently keeping turnover at a low level: the exit rate in this period stayed below 2 percent.
The announcement quoted Viktor Hamrák, Trenkwalder's Director of Services, who stated that although some companies had implemented the due annual wage increase in the previous quarter because of the early minimum wage hike in December, by the end of the first quarter of this year, the average hourly rates for physical labor had increased by an additional 109 forints, surpassing the two thousand forint mark for the first time.
The Director of Services also noted that this annual growth rate of around 16 percent has resulted in a 12 percent increase in the real wages of physical workers compared to the same period of the previous year, partly thanks to the continued, albeit diminished, labor shortage.
According to the report, there isn't a significant variation in the average hourly wages for physical labor across most regions, with figures generally between 1,800 and 2,000 forints. Northern Hungary is slightly lower, with averages around 1,700 forints, while Central Transdanubia, as well as Central Hungary and the capital, exceed the average, with figures of 2,200 forints in the former and up to 2,750 forints in the latter areas.
At the same time, Moore Hungary, a consulting and audit firm, examined the wage data of nearly 500 middle managers working at more than 60 international companies’ Hungarian subsidiaries. Among these employees, who have monthly gross salaries ranging between 800,000 and 1.2 million forints, the rate of wage increase in the first quarter of this year was on average 10.3 percent compared to the same period last year.
Péter Hajnal, Managing Partner at Moore Hungary, pointed out in the announcement that the wage increases exceeding 10 percent ensure a solid rise in real wages by 6-7 percent, concurrently keeping turnover at a low level: the exit rate in this period stayed below 2 percent.
Translation:
Translated by AI
