Working in Hungary
Currently in Hungary
Exchange Rate
1 Euro = HUF 281.34Weather
Budapest
Mostly Cloudy, 23 C
Population:
9,905,596 (July 2009 est.)
Time difference:
(GMT+1)
Telephone code:
+ 36
Capital:
Budapest
Languages:
Hungarian (official)
Tax Authority:
Hungarian Tax and Financial Control Administration (APEH) - http://en.apeh.hu
Social Security:
OEP Országos Egészségbiztosítási Pénztár(OEP) - http://www.oep.hu
Social Security & Tax System:
In Hungary social security contributions cover health, pension and unemployment insurance. This assistance is financed from salaried workers (who are also covered with a social insurance) at a tax rate of 17% of the lowest income tax band.
Social security is paid by employees at the follow amounts:
- Pension contribution: 9.5%
- Health care contribution: 6%
- Unemployment contribution: 1.5%
In Hungary there is a progressive tax system: so the more you earn the more tax you pay. In 2006, the income tax rate was between 18 and 36%.
Average Monthly Rent
In Hungary expect to pay on average €130-170 per person or 40,000 – 50,000 HUF per month. You will be expected to pay 1 month’s deposit and 1 month’s rent in advance.
| Studio | HUF 60,000-120,000 €200-400 |
| 1 Bedroom Apartment | HUF 40,000 – 50,000 €133-166 |
| 2 Bedroom Apartment | HUF 120,000 – 195,000 €400-650 |
| 3 Bedroom Apartment | HUF 180,000 – 240,000 €600-800 |
| 4 Bedroom Apartment | HUF 300,000 – 360,000 €1000-1200 |
Accommodation:
Before signing a rental contract in Hungary you have to make sure that you read and understand the terms included. You will have to agree with your landlord the payment of utilities and you need to give 30 days’ notice if you wish to move.
Average price of utilities:
- Electricity – 30,000 HUF per Month
- Piped Gas – 11,000 HUF per Month
- Solid fuel/oil heating – 7,000 HUF per Month
Opening a bank account in Hungary:
A valid residence permit will be required to open a bank account, although some banks allow foreigners to present a valid passport.
It was, until recently, standard practice to pay a fee to open a bank account, avail of a bank card and for account services. You can ask to have separated currency accounts (Hungarian Forints and/or Euro).
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