1st 20 Babies in ‘New Hungary’ Due for Bonuses

BUDAPEST, Hungary —  Twenty babies born in Hungary’s first hour as a republic will each get at least $62,500 from a Hungarian-Swiss investment company when they are 18 years old.

Hungary ditched its 40-year-old “socialist people’s” name tag and proclaimed itself a republic at noon Monday.

A venture called Radius Hungaricus AG, formed last January, gave each baby born between midday and 1 p.m. on Monday shares worth a nominal 1,000 Swiss francs ($625).

“The company pledges to pay the full value of the shares when the children turn 18,” Hungary’s MTI news agency said.

“And it has guaranteed that however the company fares, they will pay 100,000 Swiss francs ($62,500) for each share even if the market value is lower.”