Labor & Education

Over 4.5 million are currently employed in Hungary

This number seemed unimaginable 10 years ago.

Compared to January, more people are working, although compared to February 2020, there were roughly 100,000 fewer people in work this February. The annual decline was clearly caused by the epidemic, but there are some positive signs. 

There is no stopping the construction industry and its boost to employment can already be seen in the statistics, Sándor Bodó, Secretary of State for Employment Policy, said about the latest labor market data for February on local television. 

More than 4 and a half million people have jobs, and more importantly, they work in the primary labor market, in businesses and in companies, he added. 

For now, there seem to be fluctuations in the private sector, but there is no substantial change. It is undeniable that compared to 2010, the employment rate has improved from 56–57 percent to 71–72 percent, Sándor Bodó explained.

Currently, the number of unemployed exceeds 210,000, which can be clearly attributed to the coronavirus epidemic. The unemployment rate is now 4.5 percent, but it is still one of the best figures in the European Union. This is largely due to the government’s continued support for businesses facing difficulties, he added. 

In an interview with Magyar Nemzet, State Secretary of the Ministry of Finance András Tállai said that tens of thousands of companies in difficulty will save another HUF 23 billion by not paying the social contribution tax, the vocational training contribution and the proportional amount of the rehabilitation contribution. These tax exemptions could mean protecting 200,000 jobs.

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