Employee tax-free rent subsidies raised
Employees can receive up to HUF 82,800 of monthly tax-free rent subsidies from their employers this year, significantly more than last year, the Ministry for National Economy said in a statement on Wednesday, as reported by state news wire MTI.
Employers can offer their employees tax-free accommodation expense subsidies for up to five years if they live more than 60 kilometers or more than three hoursĘĽ travel away from their workplace, MTI reported.
The new regulations are aimed at improving labor mobility across the country. During the first two years, employees can receive up to 60% of the minimum wage in monthly housing subsidies, up from 40% of the minimum wage allowed previously.
In the third and fourth years of employment, the monthly subsidy gradually decreases to 40% of the minimum wage, and in the fifth year to 20%. Previously the rate was set at 25% and 15%, respectively.
In 2018, the pool of eligible employees has been expanded to include workers with fix-termed contracts and those referred by labor agencies.
ADVERTISEMENT
Business Confidence Worsens, Consumer Confidence Improves
Parliament Negates Mandatory Membership in MOK
Haulier Koncsek Trans Invests HUF 150 mln in Garage Upgrade
Budapest Leaders Unveil Plans to Scale Back Traffic on Thoro...
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.
