Govʼt to cover 70% of wage costs for reduced hours

MNB

Shutterstock.com

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.

Image by Shuttertstock.com

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.

ADVERTISEMENT

Pandemic has only moderate impact on big companies Analysis

Pandemic has only moderate impact on big companies

Parl't to vote on groundwork for commercial accommodation ra... Parliament

Parl't to vote on groundwork for commercial accommodation ra...

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Budapest re-launches airport shuttle bus City

Budapest re-launches airport shuttle bus

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.