Record-level SZÉP card top-ups: HUF 83 billion in December

By: Trademagazin Date: 2024. 01. 15. 12:08

SZÉP cards increased by record amounts in December, as people loaded them beyond the annual limit. The December total of HUF 83 billion was 58% higher than in the same period of the previous year. Thanks to government measures, employers were able to transfer more than 200,000 forints in addition to the annual limit of 450,000 forints, which increased the maximum amount of employee recognition to 650,000 forints in 2023 in addition to extremely favorable tax and contribution payments.

Taking advantage of the increased amount, about 5,000 new employers joined the SZÉP card system, and 30% of the companies provided the increased amount to their employees. In parallel, cardholders spent a total of HUF 449.4 billion last year, including HUF 64.2 billion in December alone. In terms of December spending, this represents an 87% increase compared to the previous year (HUF 34.4 billion).

Pursuant to the government’s decision, the possibility of the expanded SZÉP card also extended to the food industry, while in addition to tourism consumption, it also significantly increased the purchasing power of families. The measure not only stimulated consumption, but also supported the food industry, thereby contributing to economic growth. The year 2023 was the year of inflation reduction, as a result of which inflation fell to 5.5% by December, and the government aims to increase GDP by 4% in 2024 with further measures. In order to restore growth, they want to make progress in three main areas: increase consumption, restore domestic production, and further increase labor market activity.