European Restructuring Monitor (ERM)
Eurofound's ERM database on restructuring-related legal regulations provides information on regulations in the Member States of the European Union and Norway which are explicitly or implicitly linked to anticipating and managing change.
57/2015 Article 1 81/1996 Article 22/E
The Energy Efficiency Act acts as a basis for terms of reference
The aim of the Act is to define certain tasks necessary to meet the national energy efficiency objective and to ensure the conditions for implementing these tasks, in order to ensure the overall efficiency of energy supply and energy use, thereby helping to reduce energy costs and protect environmental resources for future generations, also taking into account EU law requirements.
In June 2023, Article 1 of the Act containing definitions refined the term 2. “individual action”, specifying that it is an investment, or energy efficiency improving measure or a combination of the two, which is a result of a significant contribution under a relevant policy. “Significant contribution” is defined under point 24c as one without which the individual action would not have been implemented.
The Act states that primary energy consumption and final energy consumption to be achieved by 2020 and 2030 should be set as indicative energy efficiency targets. These targets are to to be taken into account when setting the official indicative energy efficiency target for 2030, which states that the European Union's energy consumption in 2030 should not exceed 1128 Mtoe primary energy and 846 Mtoe final energy. The law includes:
Corporate income tax credit for energy efficiency investments
The corporate income tax incentive aims to improve energy efficiency and promote energy efficiency investment across all business sectors in Hungary since 2017. The incentive scheme targets both large enterprises and small and medium-sized enterprises (SMEs). The corporate taxpayer may enjoy tax relief when implementing an investment for energy efficiency enhancement purposes, such as the purchase of new equipment, machinery or other assets, switching to more efficient new equipment, machinery or implementing a refurbishment of existing assets or buildings. The tax refund can reach up to 30% of eligible costs, but not more than the amount equivalent of €15 million at current prices, which can be increased by 20% for small enterprises, and by 10% for medium-sized enterprises (Article 22/E (2)-(3)). The tax relief may only be claimed on investments aimed at energy efficiency improvement. Such investments must be certified by an auditor registered at the Hungarian Energy and Public Utility Regulatory Office (MEKH). Investments to fulfil the mandatory environmental protection standards or minimum energy efficiency standards are not eligible for this incentive scheme. Taxpayers are obliged to provide data on the certified investment and the energy savings stemming from it.
Requirement for large energy consuming enterprises to install sub-metering devices
Under modifications to Article 3 of the MEKH decree 1/2020 enacted in June 2020, large energy consuming enterprises are required to install sub-metering devices which allows auditors to audit major energy consuming appliances or units at such companies. Appliances have to be measured with sub-meters installed separately if they are:
Exceptions to the required sub-meter installation obligation are for the equipment whose operating times do not exceed 2,000 operating hours / year on average in the three years preceding the year in question. The threshold numbers were lowered to 50 kW, 70kW and 1,000 operating hours/year, respectively, in an amendment of Article 1(a)-3 effective 1 January 2023.
Mandatory appointment of an energy manager at large enterprises
This measure aims to promote energy efficient behaviours, planning and investment at large energy consuming enterprises. It obliges them to report energy saving data annually to the Hungarian energy and public utility regulatory office (MEKH).
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Eurofound (2021), Hungary: Employer's obligation to improve energy efficiency, Restructuring legislation database, Dublin, https://apps.eurofound.europa.eu/legislationdb/employers-obligation-to-improve-energy-efficiency/hungary
Between the end of 2022 and the first half of 2023, almost 300,000 employees working for ‘big tech’ companies were laid off across the world, making headlines for months in global media. This development has been a shock, considering the high numbers of jobs in well-known tech corporations with a reputation for offering good working conditions and well-paid positions.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions. Many banks in the sector have been undergoing serial restructuring since the global financial crisis, and it is one of the few service sectors with stagnant or declining employment.
Since 2011, the Restructuring support instruments database of the EU PolicyWatch has been collecting information on measures that assist companies and workers to anticipate and manage restructuring. This article looks at measures in the database aimed at supporting employees and employers during the COVID-19 pandemic (2020–2022).
Eurofound’s European Restructuring Monitor database reveals the impact of the energy crisis on employment in the EU. Following Russia’s invasion of Ukraine in February 2022, energy prices have hit record highs. The European Commission imposed sanctions and limitations on the import of oil and gas from Russia, which has reacted by reneging on supply commitments to many Member States.
