President Schmitt signs severance pay law, constitutional amendment

Budapest, November 19 (MTI) – President Pal Schmitt on Friday signed Hungary’s new law imposing a 98 percent tax on severance payments, as well as related amendments to the constitution and to the law on the Constitutional Court.

Parliament on Tuesday approved a law to introduce a 98 percent tax on severance payments above 3.5 million forints (EUR 12,700) for ordinary employees and above 2 million forints (EUR 7,200) for state and local council leaders and managers of state or municipally owned companies.

    On the same day, parliament passed another law sponsored by the ruling Fidesz party, curbing the powers of the Constitutional Court on budget related laws.



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