Earnings in real terms have been rising for 66 months now: gross earnings and real earnings were up year-on-year by 11.9 percent and 9.4 percent, respectively, in the first half of 2018, Minister of Finance Mihaly Varga said, commenting on the data, according to Kormany.hu.
Rising earnings and dynamic growth in the number of people in employment have boosted household consumption and resulted in a higher amount of financial savings.
Earnings growth will be underpinned by next year’s budget, as – in line with the six-year wage agreement brokered in November 2016 – payroll taxes are set to be reduced further and wage hikes in the public sector are to be continued, the minister said.
