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The minister heading the Prime Minister’s Office, Gergely Gulyás, welcomed improving employment data which the Central Statistical Office (KSH) released on Wednesday. Gulyás also said the government will only support amendments to overtime regulations which keep overtime work contingent on the employees’ consent.
Hungary’s rolling average three-month jobless rate was 3.7% in August-October, down from 3.8% in the previous period, KSH said. The rate covers unemployment among those between the ages of 15 and 74. In absolute terms, there were 172,900 unemployed in Hungary in August-October, 5,300 fewer than in July-September and 10,600 fewer than in the same period a year earlier. The employment rate was 60.6%, slightly up from 60.4% in the previous period and up from 59.7% from a year earlier. The number of employed included 132,800 Hungarians in fostered work programmes and 108,000 working abroad. The number of those employed on the domestic primary labour market rose by 2.6% from a year earlier to 4,261,300, while the number of fostered workers dropped 28.8%. The number of those working abroad was up 2.1%.
On another subject, Gulyás said that pensions would be raised by 2.7% on January 1. He added that the government was monitoring inflation and would “make corrections if necessary”.
Employment in Hungary has reached a record high while the jobless rate has fallen to a historical low, and the trend will continue to grow due to new investments, Finance Minister Mihály Varga said in response to the data, in an interview to public television’s current affairs channel M1.
The minister said that taking into account the number of public works employees, the unemployed and inactive workers, altogether there are 360,000 people making up Hungary’s labour reserves, which means the country is very close to achieving full employment. Varga noted that whereas in 2010 the employment rate stood at 56%, this ratio has now risen to 69.8%.