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Govʼt to cover 70% of wage costs for reduced hours

The government will take over 70% of the wage costs of employees who work reduced hours at companies impacted by the coronavirus pandemic, Innovation and Technology Minister László Palkovics said at a press briefing on Tuesday, according to Hungarian news agency MTI.

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The government will pay the support for a period of three months, Palkovics said.

He said engineers and Hungarians working in research and development will get 40% salary coverage from the government.

Palkovics said HUF 2 trillion in subsidized credit and HUF 500 billion in state guarantees would be made available to struggling businesses.

HUF 600 bln will be allocated for the tourism sector, he added.

The minister put the scale of all of the government measures protecting the economy from the pandemic fallout at HUF 9.2 tln equivalent to 18%-20% of GDP.