Hungarian Employment Law


Bordering seven other European countries, Hungary occupies a strategic location in Central Europe.  Hungary is a member of the European Union, the North Atlantic Treaty Organization, and the Organisation for Economic Co-operation and Development.  As with many Central and East European economies, the transfer from a planned to a market economy has not been easy for Hungary, and it suffered greatly during the transition and subsequent global recession.  Compounding its problems, Hungary has suffered from an uncertain political climate since the election of a centre-right government led by Prime Minister Viktor Orban in April 2010.  Mr. Orban’s tenure has been marked by controversy, including criticisms that press freedom has been curtailed, and that Orban’s government has undermined the independence of the central bank and constitutional court.  As a result, Hungary’s relationship with the European Union has been tense at times.

The Hungarian currency, the forint, has suffered from the uncertainty, but there are signs that the Hungarian government has moderated its stance.  In recent weeks, Mr. Orban’s government has appeared to have toned down its inflammatory rhetoric and expressed willingness to work more closely with the European Union toward further economic reforms.  Hungary nevertheless remains an attractive place to do business because of its highly educated, literate population and relatively low labor costs.  Because Magyar, the predominant language spoken in Hungary, is unlike any other European language, most younger Hungarians are fluent in several other languages, and many study and work abroad before starting a career in Hungary. 

Industry, services and agriculture make up the bulk of Hungary’s economy, and Hungary remains a popular tourist destination.  Hungary’s main industries include mining, textiles, chemicals, including pharmaceuticals, and metallurgy.  Germany is Hungary’s most important  trading partner, and the United States is Hungary’s sixth largest export market.  Approximately 80% of Hungary’s trade is with other OECD countries.  

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Fisher & Phillips LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.