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Based on Directive 2019/1158 of the European Parliament and of the Council of 20 July 2019 on work-life balance for parents and carers and repealing Council Directive 2010/18/EU (“Work-Life Balance Directive”), as of 2 August 2022 all Member States shall apply rules to improve work-life balance for parents and carers. In particular, Member States must ensure for working fathers at least 10 working days of paternity leave around the time of birth of the child and the paternity leave should be compensated at least at the level of sick pay.

On 5 August 2022, the Central Bank of Hungary (MNB) announced an update to its supervisory recommendation for credit institutions and Hungarian branches of credit institutions on climate-related and environmental risks. The recipients have to identify, manage, monitor and disclose climate and environmental risks.

On 18 August 2022, a government decree on special rules for the employment of third-country nationals in Hungary during the emergency was published. According to the new rules, the list of cases in which the government office is not involved in the consolidated application procedure as a special authority, has been extended. This means that starting from 19 August 2022, government offices do not participate in the consolidated application procedure if the third-country national is employed by the general contractor or its subcontractor as defined under Act VII of 2015 on the investment related to the maintenance of the capacity of the Paks Nuclear Power Plant and on the amendment of certain related acts, including employment through a temporary agency, too.

As of 1 July 2022, Hungary's already existing financial transaction tax has been extended to payment service provision, credit and loan provision, currency exchange and mediated currency exchange services provided on a cross-border basis in Hungary. Provision of cross-border services means financial services provided in a country other than the country where the seat, place of business, head office, or branch of the service provider is located. Basically, this means that non-Hungarian service providers providing such services to Hungarian customers will most probably be affected by this extension.

In recent weeks, the question of how to pay wages in euros has been raised more and more frequently. Can employees ask their employers to stop paying their monthly wages in forints and start paying them in euros? Considering the increasing importance of the issue, in the followings we are assessing whether Hungarian labour law allows for the possibility of setting and paying wages in foreign currency.

Hungary Knowledge Partner

Nagy és Trócsányi was founded in 1991, turned into limited professional partnership (in Hungarian: ügyvédi iroda) in 1992, with the aim of offering sophisticated legal services. The firm continues to seek excellence in a comprehensive and modern practice, which spans international commercial and business law. 

The firm’s lawyers provide clients with advice and representation in an active, thoughtful and ethical manner, with a real understanding of clients‘ business needs and the markets in which they operate.

The firm is one of the largest home-grown independent law firms in Hungary. Currently Nagy és Trócsányi has 26 lawyers out of which there are 8 active partners. All partners are equity partners.

Nagy és Trócsányi is a legal entity and registered with the Budapest Bar Association. All lawyers of the Budapest office are either members of, or registered as clerks with, the Budapest Bar Association. Several of the firm’s lawyers are admitted attorneys or registered as legal consultants in New York.

The firm advises a broad range of clients, including numerous multinational corporations. 

Our activity focuses on the following practice areas: M&A, company law, litigation and dispute resolution, real estate law, banking and finance, project financing, insolvency and restructuring, venture capital investment, taxation, competition, utilities, energy, media and telecommunication.

Nagy és Trócsányi is the exclusive member firm in Hungary for Lex Mundi – the world’s leading network of independent law firms with in-depth experience in 100+countries worldwide.

The firm advises a broad range of clients, including numerous multinational corporations. Among our key clients are: OTP Bank, Sberbank, Erste Bank, Scania, KS ORKA, Mannvit, DAF Trucks, Booking.com, Museum of Fine Arts of Budapest, Hungarian Post Pte Ltd, Hiventures, Strabag, CPI Hungary, Givaudan, Marks & Spencer, CBA.

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