The minimum wage needs to rise by 11-12pc per year, Sándor Czomba said, adding that GDP and inflation levels as well as productivity increases also needed to be weighed.
In regional comparison, Hungary is in the top group, ahead of Czechia, Slovakia, Romania and Bulgaria.
The monthly minimum wage for unskilled laborers will rise by 15% to 266,800 forints (EUR 704), while the minimum wage for skilled workers will increase by 10% to 326,000 forints...
Márton Nagy said further measures to preserve the real value of wages would be needed in 2024.
Compared with 2010, when the Orbán government entered power, the basic monthly minimum wage in Hungary has increased from 73,500 forints (EUR 180) to 200,000, and the minimum wage for skilled workers from 89,500 to 260,000.
The government has made it its priority to break with the practice of low minimum wages, to offer jobs rather than benefits, ensure that all those able to work have jobs and that labor is financially rewarding.
Hungary's economic growth is a "shared success" from which everybody, including pensioners, should benefit.
The government has offered to cut the rate on the small business tax (KIVA) from 11 to 10 percent.
Minister Varga and Parragh agreed that state assistance is needed to help small and medium-sized businesses cope with paying a higher minimum wage.
The agreement struck by unions, employers and government representatives contains a further hike from the middle of the year.
The VKF, a forum of employers unions, and the government agreed to raise the minimum wage for skilled and unskilled workers by 8 percent in both 2019 and 2020.
Both the minimum wage and the guaranteed minimum wage will increase by eight percent next year, under the 2019 and 2020 agreement signed at the end of last year.
Mihály Varga, minister of Finance, announced that wages will increase by a further 8 percent in 2020