Average physical wage rose to HUF 1500 in the first quarter
Salaries of middle managers also up 7.3 percent in a year
Budapest, 25 April 2022 - In the first quarter of this year, the average gross hourly wage of skilled and semi-skilled manual workers practically reached the HUF 1,500 level, according to an analysis by Trenkwalder of the wage data of nearly 7,000 employees. The current average hourly wage of 1499 forints is 10.4 percent higher than the 1358 forints in the same period in 2021. The pace of wage growth has also accelerated in the top categories, with Moore Hungary seeing a 7.3 percent increase in wages for around 500 middle managers in more than 60 mostly internationally-owned domestic companies compared to the first quarter of 2021.
Statistics by region show that only in the South Transdanubian region is the average hourly wage below HUF 1,400, while this region, along with the North Great Plain, has seen the highest annual increase of more than 16 percent, i.e. the regions with the lowest wages are catching up with the national average. The Central Transdanubian region is above average with an indicator close to 1600 HUF. and Budapest and Central Hungary continue to stand out from the field with values around HUF 1900.
„We continue to see double-digit bar growth in manual jobs, with the rapid pace of wage change driven by labour shortages and a near 20 per cent increase in the minimum wage in the first quarter - points out Viktor Hamrák, Service Director at Trenkwalder. -This growth rate is expected to be the case for the whole year. Apart from a brief blip when the coronavirus broke out, the annual rate of growth in hourly physical wages has been around 10 per cent for many years. Yet this year's situation is very different from previous years: in an unfavourable inflation scenario with double-digit money depreciation, real wages may even fall despite nominal wage increases of around 10 per cent.”
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 first quarter of 2022 is an average of 7.3 percent was.
„In the middle management segment, average wage growth virtually stopped in the first year of the epidemic, with only 1.5 percent annual wage growth in the segment this time last year. But now wage increases are proceeding at a pace not seen for a long time - points out Péter Hajnal, Managing Partner of Moore Hungary. In the current inflationary environment, we expect wage growth to at least at this 7-8% level for the rest of 2022 stays.”
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, Wage increase of 10.1 per cent implemented over the past year. The need to outsource certain tasks has become more widespread, leading to significant competition for workers with the right qualifications and language skills, which is reflected in the level of wages offered.
Moore Hungary
Moore Global, which started in a London office more than 110 years ago, is now one of the world's leading consulting and audit networks. Present in over 100 countries worldwide, the network has more than 600 independent offices and over 30,000 employees. The group's turnover for the last financial year exceeded $3 billion.
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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