Overview

Capital Budapest

Currency Forint (HUF)

Date Format yyyy.mm.dd.

Taxes

Employer 0.74% - Health Care Contribution for Financial Allowance
19.50% - Social Contribution Tax
1.50% - Vocational Training Fund

Employee 4.00% - Health Care Contribution for Inkind Fund
3.00% - Health Care Contribution for Financial Allowance
20.00% - Pension Fund
1.50% - Vocational Training Fund

Termination

Termination Process Employers must provide 30 days advance notice and severance pay if appropriate.

Advance Notice Employees must provide 30 days advance notice Employees must provide 30 days advance notice.

Severance Pay Severance pay shall be the sum of the absentee pay due for: * 1 month, for up to three years of service; * 2 months, for up to five years of service; * 3 months, for up to 10 years of service; * 4 months, for up to 15 years of service; * 5 months, for up to 20 years of service; and * 6 months, for up to 25 years of service.

Mandatory Benefits

Pension Fund 27% of gross monthly payroll in the form of a social contribution tax. The minimum earnings used to calculate contributions are the monthly minimum wage. The monthly minimum wage is 111,000 forints. There are no maximum earnings used to calculate contributions. The employer's contributions also finance work injury benefits, sickness and maternity benefits, and unemployment benefits.

Social Security Contributions are made as 33% of average earnings for the first ten years of coverage. * From years 11 - 25: 2% is added each year. *From years 26 - 36 : 1% is added. * From years 37 - 40 : 1.5% is added. * From year 40 onward: 2% is added.

Minimum Wage

General Minimum wage is 447.7EUR ($508) for unskilled workers, and 576EUR ($675.76) for skilled workers.

Working Hours

General Full Time employment is considered 40 hours weekly, and 8 hours daily.

Overtime Overtime work is paid at 150% regular wages.

VAT

General 27% standard rate.

Payment

General 1 Payment is due every month at the end of the month.