Labor & Education

More than 740,000 more people have jobs than in 2010

The Economy Protection Action Plan launched in March to mitigate the negative effects of COVID-19 has preserved jobs and boosted investment.

The State Secretary for Economic Regulation and Strategy at the Ministry of Innovation and Technology (ITM) László György said that 23,000 fewer people worked in September 2020 than in the same period last year; in total, more than 740,000 more people have jobs than in January 2010.

The number of unemployed increased by about 37,000 from August to September, but this was due to more people registering in the job-seeker system. Meanwhile, the number of registered job seekers fell below 300,000.

György emphasized that the focus of the measures countering the first wave of COVID-19 was on job protection, while now it is on strengthening jobs and creating new ones; there is also a new focus on helping businesses strengthen their market position.

The government has provided investment incentive aid in the value of more than HUF 800 billion, thanks to which HUF 1.5 trillion of extra capacity expansion will be realized in the Hungarian economy, he said. Under the Economy Protection Action Plan, a total of HUF 3.4 trillion has been allocated to businesses so far out of HUF 5.7 trillion available, while HUF 1.4 trillion has been approved but not yet paid. 

There is also a state-subsidized loan and guarantee portfolio amounting to HUF 2.4 trillion, of which HUF 1.4 trillion has been contracted for loans; the expansion of the corporate loan portfolio in Hungary started in July, he added.

The Secretary of State specified that the measures of the Economy Protection Action Plan have affected the labor market as well. Some 969,214 Hungarians received labor market or training support, 112,103 registered job seekers benefited from cash benefits, and the student loan was used by 27,809 students. Another 61,886 people applied for the basic IT training, with more than 40,000 completing the training.

Some 583,249 jobs in total have been protected through various support programs. György also reminded people that the job-creating wage subsidy program was completed on August 31 and has supported the creation of 48,932 jobs as well. 

Meanwhile, the new job creation program, launched on October 15, focusing on jobseekers under the age of 25 and low-educated workers has helped 1,435 workers find work.

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