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Facts & Statistics

HUF 140 billion income for under-25s due to the tax exemption

From January 1, 2022, workers under the age of 25 will be exempt from paying social security contributions.

According to the calculations of GKI Gazdaságkutató Zrt., the exemption from social security contributions for under-25-year-olds could mean HUF 140 billion of additional income for those concerned.

As MTI reported, it will mean an extra HUF 16,500 for a person under 25 earning a public worker’s wage, HUF 30,000 for a person earning the minimum wage, HUF 39,000 for a person earning the guaranteed minimum wage, and HUF 64,200 for a person earning the average wage in 2022.

GKI pointed out that the vast majority of under-25s, 58 percent, earn less than HUF 100,000 gross per month. This is due to the prevalence of casual and student work in this age group, with 16 percent of under-25s earning over HUF 250,000 a month in 2020.

The statement reminded people that the government has decided that from January 1, 2022, workers under the age of 25 will be exempt from paying social security contributions.

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