Survey: Inflation to Take Away Most Wage Gains This Year
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Loading... - Nahla Kadiri
- 02 May 2022
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While some 61% of Hungarian workers received a pay hike this year, most received a maximum of 10%, meaning that their entire raise could be outpaced by the severe inflation.
While some 61% of Hungarian workers received a pay hike this year, most received a maximum of 10%, meaning that their entire raise could be outpaced by the severe inflation, Pulzus Research’s representative survey found, first reported by RTL Klub. In addition, one fifth of the workers fear that they could lose their jobs in Hungary.
According to the findings:
- 36% of workers are not taking home more wages than a year ago
- 61% have received a pay raise this year (1% refused to respond and 2% didn’t work last year)
- Essentially, 18-39 year olds received an increase in the largest share as 75% of them said they had received a pay raise
- The older the age group, the less likely they have received a pay raise
- Of those who did receive one: 58% received a pay raise of 10% or less.
This means that their salaries could be worth roughly the same as last year, as inflation accelerates to a yearly level of around 10%, according to the National Bank of Hungary (MNB).
- 39% have seen their wages increased by more than the rate of monetary depreciation
- Still, roughly one in two workers are dissatisfied with their current earnings
- In response to the question about how much of a pay raise would make them satisfied, if they are dissatisfied now, the poll found that most would be pleased with a 16% hike
- Meanwhile, some 20% of Hungarian workers fear they could lose their job this year.
In addition, a union leader told RTL Klub that there are bigger pay raises where there is a union. According to the President of the LIGA Trade Union Confederation, many employers still do not have unions. Read More...
