Gov't approves HUF 29.9 bln in wage compensation for public sector workers

Banking

The government has approved the expenditure of HUF 29.9 billion to finance wage compensation of public sector workers at central budget-funded organizations, a government resolution dated April 26 and published in the official gazette Magyar Közlöny shows.

The 2012 central budget earmarks HUF 64 billion for wage compensation to offset the adverse effect of tax changes on public sector employees' net income. The appropriation includes compensation for those on maternity leave.

The Central Statistics Office (KSH) said earlier that about 59% of full-time public sector employees were paid an average monthly HUF 10,700 in such compensation in January-February. The monthly budget expenditure during the period came to HUF 4.2 billion, Econews calculated.

The compensation is designed to prevent a drop in the net wages of those earning less than about gross HUF 216,800 a month due to the elimination of employee tax write-offs and a one percentage point rise in the health insurance payroll tax.

The gross monthly average wage came to HUF 216,600 in February.

ADVERTISEMENT

European e-commerce soars during pandemic - study Analysis

European e-commerce soars during pandemic - study

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Chain Bridge to be closed for traffic for 18 months City

Chain Bridge to be closed for traffic for 18 months

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.