Average wage increase for middle managers also exceeded 10 percent
Budapest, 21 July 2022 - In the second quarter of this year, the average gross hourly wage of skilled and semi-skilled manual workers was HUF 1,553, according to an analysis of Trenkwalder's wage data on nearly 7,000 employees. This represents an 11.5 percent increase compared to 1,392 forints in the same period in 2021. The pace of wage growth has also accelerated in the top categories, with Moore Hungary seeing a 10.2 percent increase in wages for around 500 middle managers in more than 60 mostly internationally-owned domestic companies compared to the second quarter of 2021.
„Read more acceleration in the pace of wage outflows in the second quarter of the year, but the average increase of 11.5 percent was just enough to maintain the average rate of growth of offsets the impact of the currency depreciation: consumer prices were 11.7 percent higher in June than a year earlier, according to the Hungarian Central Statistical Office - points out Viktor Hamrák, Service Director at Trenkwalder. - As in many industries serious labour shortages remain, the pace of wage growth in the second half of the year may continue to accelerate in a worsening economic environment. Indeed, workers” needs are rapidly adjusting to higher inflation expectations."
Statistics by region show that average hourly wages for manual workers are mainly in the range of HUF 1400-1500. On the downside, South Transdanubia deviates slightly with an average level of 1370 HUF, while Central Transdanubia and Central Hungary stand out on the upside with average hourly wages of 1640 and 1930 HUF respectively.
At the same time, Moore Hungary is also a partner of more than 60 international companies with nearly 500 employees working at their domestic subsidiaries. the payroll data of the middle manager examined. For employees working in the gross monthly salary range between HUF 700,000 and HUF 1 million, the annual wage increase in the second quarter of 2022 reached double digits for the first time in many years, 10.2 percent on average was.
„Higher inflation has now forced higher wage increases in the middle management segment as well - said Péter Hajnal, Managing Partner of Moore Hungary. A year earlier it was only 4.4 per cent the rate of increase in average wages in this group. The question is whether the current wage increase of around 10% will be sufficient to retain senior workers in the long term. In this group, higher wage increases are easily achievable with a good job change, although the chances of this are greatly reduced by the impending recession.”
With more than 60 thousand employees nationwide, the for middle managers in service centres (SSCs) well above the above average for middle managers in the intellectual professions, 13.3 percent wage increase implemented over the past year. In response to the increased demand for outsourcing of certain tasks, SSCs continued to expand their staff, with the share of new entrants exceeding 7 percent and the share of exits remaining below 4 percent.
Moore Hungary
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Moore Global's services will be directly available in the domestic market from March 2021. Moore Hungary has been offering a full range of consulting services in the fields of business, financial, tax, accounting and auditing with a team of almost 100 experts since its inception.
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