PM Orbán Advocates for Work-Based Society to Propel Hungary’s Growth

Budapest: Prime Minister Viktor Orbán has reaffirmed Hungary’s commitment to a work-based society, emphasizing that the country’s growth hinges on the productivity and industriousness of its people. Orbán outlined the government’s strategy during a statement on the recent wage agreement, which aligns with Hungary’s long-term economic philosophy.

According to About Hungary, the agreement includes an 11 percent increase in the minimum wage, raising it to HUF 322,800, and a 7 percent increase in the guaranteed wage minimum, now set at HUF 373,200. These adjustments will impact 700,000 workers and establish the framework for the Hungarian economy’s wage structures in the upcoming year.

Prime Minister Orbán clarified that the agreement was a collaborative effort between employers and employees, with the government providing support through targeted tax cuts and a cooperation package worth HUF 90 billion with the Chamber of Commerce and Industry. Additionally, a 3 percent fixed-interest home loan program for firs
t-time buyers has been introduced to alleviate financial burdens on young workers.

Orbán emphasized the importance of dialogue in wage setting, stating that government intervention in wage determination should be avoided. He highlighted the significant growth in Hungary’s minimum wage over the past 15 years, which has tripled compared to the EU average, illustrating the progress achieved since 2010. The prime minister reiterated the government’s commitment to facilitating labor agreements that are based on consensus and market principles.