Hungarian Workers Earn Significantly Less than Austrian Counterparts
Hungarian workers continue to face challenges as new data reveals that their wages are significantly below the European Union average. In 2023, Hungarian workers earned less than a third of the average salary in Austria, highlighting the wage disparity between the two countries.
According to Eurostat data reported by Bankmonitor, Hungary’s average net wage was the 4th lowest in the EU last year. Compared to the EU average net salary of EUR 28,217 per year, Hungary’s average net wage was only EUR 12,456. This places Hungary behind Bulgaria, Romania, and Croatia in terms of average wages within the EU.
When converted to Hungarian forints, the wage gap becomes even more pronounced. While the average EU wage was nearly HUF 900,000 per month in 2023, Hungarian workers were earning far less. Luxembourg, the highest-paid country in the EU, had an average monthly net salary of HUF 1.56 million, significantly higher than Hungary’s average wage.
Austria, a country that Hungary has long looked up to, also outpaces Hungarian wages. In 2023, the average net salary in Hungary was only 44% of the EU average, while Austrian workers earned over three times as much. The standard of living in Hungary also falls short, with Hungarians living at 65.2% of the EU average living standards.
Despite improvements in the ranking compared to the previous year, Hungary still falls behind in terms of wages and purchasing power. The average wage in Hungary is only enough to cover about two-thirds of the consumption level that an average EU citizen can afford. This highlights the ongoing challenges faced by Hungarian workers in achieving economic parity with their European counterparts.
As wage discrepancies persist, it is crucial for policymakers and stakeholders to address these issues to ensure fair wages and improved living standards for workers in Hungary.
