Business infrastructureEconomy & Policy

The Hungarian government will continue to reduce taxes on labor

Hungary’s economic policy will contribute to employment growth.

At the inauguration of Trenkwalder’s temporary employment and employment agency in Budapest, Minister of Foreign Affairs and Trade Péter Szijjártó said that the state had provided HUF 141 million in support for the investment of HUF 282 million, and the company will employ 162 people.

Szijjártó emphasized that 9 percent of global working hours were lost last year due to the coronavirus epidemic, according to the International Labor Organization (ILO). This corresponds to 255 million full-time jobs. About 114 million jobs were lost and the rest continued to work part-time or at lower pay. This is four times the labor market loss of the 2009 economic crisis, he added.

In contrast, economic growth in Hungary was 18 percent in the previous quarter, and HUF 1.7 trillion is still being invested nationwide. Furthermore, there are 4.7 million people working in the country today, more than at any time since the change of regime, the minister pointed out.

He stressed that for 11 years now, the government has been pursuing an economic policy that focuses on job creation rather than aid, and this approach has proven successful even during the crisis.

By supporting the development of companies, an important goal was to avoid mass redundancies and thus save 270,000 jobs, the minister said.

Finally, it also reported that the production value of the labor market services sector rose by 18 percent in the first half of this year, with roughly 40 percent more people working in the sector than a year ago.

The minister said that Trenkwalder is today the leading private employment agency in Central Europe, employing more than 4,000 people in Hungary and counting more than 400 companies among its clients.

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