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Economy & Policy

Government prioritizes financial security

The amount of tax cuts, pension benefits and wage increases will approach HUF 3.3 trillion this year, Finance Minister Mihány Varga announced.

The minister stressed that the government will protect Hungary from the economic crisis, so it will preserve family benefits, the value of pensions, wage increases while reducing the budget deficit and public debt.

According to Varga, the reduction in taxes on labor will amount to HUF 750 billion, the family tax rebate to HUF 685 billion, the pension increases in January and July to HUF 400 billion, and the 13th month pension to HUF 370 billion. 

The wage increase for defense and law enforcement workers with 6 months of weapons money is HUF 330 billion; the wage increase for healthcare workers is HUF 285 billion; and the wage increase for teachers, higher education and church workers is HUF 153 billion. 

The social security exemption for under-25s amounts to HUF 140 billion; the wage increase for judicial, administrative and cultural workers to HUF 86 billion; and the wage increase for social sector and nursery school workers to HUF 71 billion.

Varga added that the 2021 budget will be a budget for the protection of lower utility bills and national defense. It will include HUF 670 billion for the Utility Fund and HUF 842 billion for the Defense Fund.

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