Over HUF 460 bln in EU Funding to Boost Labor Market

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More than HUF 460 billion of European Union funding is being allocated to mobilize Hungary's workforce reserves and raise the labor market participation rate in the period until 2030, the Ministry of National Economy said in a release on its website this week.

The government aims to boost the economic activity rate in the 15- to 64-year-old age group from 78% to 85% to help achieve growth targets, the ministry said. 

State Secretary for Employment Sándor Czomba put the size of Hungary's workforce reserves at around 300,000, including registered jobseekers and economically inactive Hungarians. 

He told public media that 40,000-50,000 of the 240,000 registered jobseekers could be placed in positions "relatively easily" because of their skill. At the same time,e many of the rest faced social, mental or health challenges and would require adjustment periods of six months or even a year. 

The government can help those people return to the labor force with training, retraining, and employer, payroll, and mobility support, he added. Czomba said the HUF 460 bln in EU funding could support training for around 100,000 people. The government plans to call tenders for 95% of the financing already this year, he added.

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