The government has protected jobs even in the difficult economic situation caused by war and sanctions, and the number of employees increased by an additional 29,000 on an annual basis, reaching 4,710,000 workers in April 2023, according to the latest statistical data released by the Ministry of Economic Development (GFM) on Friday, 26 May.
In their statement, the ministry reminded that there has been an increase in employment continuously since 2010, with 1 million more people employed now than 13 years ago. The Hungarian employment rate in fact of 74.6 per cent exceeds the EU average. In April, the number of unemployed individuals was 190,000,
5,000 fewer than in the previous month.
The unemployment rate stood at 3.9 per cent, which is one of the lowest in the EU.
The government’s measures effectively and successfully protect families and jobs, the ministry underscored, highlighting that state-supported corporate loans have provided more than 3,1 trillion forints of liquidity resources available to economic participants. In 2023, the Baross Gábor Reindustrialisation Loan Programme, the Baross Gábor Capital Programme, the Széchenyi Card Programme, and the interest rate cap collectively contributed about 2 percentage points to growth, recession prevention, and employment expansion.
The government’s goal is to maintain dynamic economic growth and high investment activity and
to significantly increase the proportion of employed individuals by 2030, to approximately 500,000.
The government plans to meet the demand for labour by increasing the economic activity of the Hungarian population and involving the inactive population in the labour market. In Hungary, the number of labour market reserves is currently estimated at over 300,000 people, who could be integrated into the labour market through training and retraining efforts. There is significant potential in increasing the activity of those under 25 and those over 65.
According to the government’s firm policy decision, the employment of foreign workers is only permitted when vacant positions cannot be filled by Hungarian workers. The purpose of the draft law on the employment of guest workers in Hungary is also to further strengthen the protection of Hungarian jobs, increase employment, and reinforce a labour-based society even in prolonged war situations.
Read more:
