Published: April 12 2023
- Sectors with Highest Salary Increase
- Overview of Pay Ranks
- Perception of Overpaid and Underpaid Professions
- Real Wage Growth Prospects
Sectors with Highest Salary Increase
The mining sector saw the most substantial increase in wage growth, with a 21.2 percent overall increase. Manufacturing is the second-highest-paid sector in the economy, with earnings growing by 20 percent, affecting nearly one million workers in the industry.
Overview of Pay Ranks
The information and communication sector retains its position as the highest paid sector with an average gross wage of HUF 867,000 (EUR 2,305).
The financial intermediation sector follows closely with a gross wage of HUF 865,000 (EUR 2,300), while the energy sector averages HUF 711,000 (EUR 1,890).
At the bottom of the list are accommodation and agriculture sectors, with the lowest average gross salaries of HUF 349,000 (EUR 927) and HUF 395,000 (EUR 1,050), respectively.
Perception of Overpaid and Underpaid Professions
Hungarian citizens consider bankers, lawyers, local government representatives to be the most overpaid based on recently published earnings statistics of the Hungarian Central Statistics Office.
Surprisingly, Hairdressers, manicurists, and plumbers were also considered overpaid.
On the other hand, nurses, teachers, and nursery school teachers are considered the most underpaid professions, earning below average despite more than 70 percent of respondents believing they are not paid enough.
Real Wage Growth Prospects
Although the wage growth rates have been significant, they still lag behind expected inflation rates. However, experts predict that real wages are expected to increase around August or September if the inflation rates decrease as projected.
Despite the energy crisis and economic challenges, Budapest has seen an increase in average salaries across various sectors. The mining and manufacturing sectors have seen the most significant wage growth, while the information and communication sector retains its position as the highest-paid sector.
The perception of overpaid and underpaid professions revealed that bankers and lawyers are considered overpaid, while nurses and teachers are perceived to be underpaid. The possibility of real wage growth around August or September gives hope for higher living standards for hard-working citizens.