By: The Quinnipiac University Economics Research Team, Christopher Longchamp
Hungary is making investments into the vocational training of 9th and 10th graders in the country. The Deputy State Secretary for Vocational Education and Training announced that the country will be investing in mentors for the 9th and 10th graders by providing 3 billion forints in funds toward the program. The investment will be used to increase a mentor’s salary by an average of 30%.
Education, long seen as a positive externality by most economies, has the added benefit of improving the overall level of knowledge and expertise in an economy’s labor force. In addition, the government hopes that increasing the salaries of the vocational mentors will provide an incentive to more professionals to become mentors, for example, once they retire from their trade as a full-time profession.
The Deputy State Secretary for Vocational Education and Training elaborates that the students can also receive scholarships for their vocational training worth 16,000-34,000 forints per month depending on their academic results. These scholarships are much higher than earlier general scholarships. In Fall 2020, for example, students were able to receive 8,000-16,000 forints per month depending on their school.
Since the supply of vocational workers has been low during the pandemic, the investment in education hopes to increase the supply of vocational workers while also increasing the quantity of the vocational workers over time.
The Deputy State Secretary for Vocational Education and Training hopes that with these new investments in education more young people in the country will think about going into the trades.
This article was based upon: https://hungarianinsider.com/new-scholarships-for-vocational-students-9311/