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Gov't to make HUF 306 bln available to businesses

The Hungarian government will make HUF 306 billion in state and EU money available to businesses to preserve jobs, maintain production and make profile changes, István Tukacs, state secretary in charge of steps Hungary is taking to manage the economic crisis, said.

Some HUF 46 billion will be available for job preservation programs, HUF 70 billion for making changes to business profiles, HUF 20 billion for regional crisis management, to be worked out with local players, and HUF 170 billion to provide credit for current assets Tukacs said. The current assets loans will be available to food processors, with the approval of Brussels, he added.

The job preservation programs will first take the form of wage subsidies of HUF 16 billion made available through the National Employment Foundation and at local employment offices.

Some HUF 30 billion will be available under the “4+1” program, which supports companies that reduce working time in order to save jobs, but replace the down time with accredited instruction.

Companies that have been cited for minor infringements of employment regulations will be allowed to apply for the funding, Tukacs said. (MTI – Econews)