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About 195,000 companies apply for wage compensation subsidies in July

Analysis

About 195,000 companies applied in July for subsidies to compensate low-earners for a fall in net wages resulting from tax changes, business daily Napi Gazdaság said on Tuesday, citing data from the National Tax and Customs Authority (NAV).

Data compiled by the paper show at least 1.25 million employees, or about two-thirds of those eligible, have filled in forms for the wage compensation. Some HUF 85 billion in subsidies has been allocated for the wage compensation this year. Hungarians who earn less than gross monthly HUF 216,806 - a little under the average wage - take home less this year because of the elimination of tax preferences, prompting the government to launch the wage compensation scheme.

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