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The future of pensions and the importance of savings for pensions will also be discussed at Portfolio’s Hybrid Self-Care 2020 conference on November 10. Do not miss it! Details here:
The retired section of the Hungarian Trade Union Confederation called for a rapid and dramatic increase in pensions as early as March, after inflation had obviously fluctuated even then, which the government did not keep increasing the pension, saying it was too early to do. sound the alarm, remembers László Juhász.
According to the president of the retired section of MASZSZ, inflation higher than expected justifies immediate correction, the head of the department pointed out to the CSO statement: in the first eight months of the year, the price increase calculated with the basket of retirees it was 4.3 percent. Food prices jumped by nearly 8 percent, so much more had to be paid to earn a living, even for low-income retirees.
We write more about the inflation data for August here:
The retirees section of MASZSZ calls on the government to provide an immediate increase in pensions for those who have made a significant contribution to economic growth in recent decades through active work, but who are no longer able to do so in old age.
MASZSZ requests an immediate increase in the pension supplement to 4.3 per cent, but a minimum of HUF 10,000, for retirees.
The Retired Parliament is in a similar position, stating in its communication that they consider it necessary to significantly increase the amount of the equitable pension increase provided for in the Budget Law, to make the conditions more flexible and simplify the government’s access rules.
Those who put it into pension funds for their retirement years are not in an easy position either. Due to the coronavirus crisis, pension fund returns fell sharply in the first quarter of this year, but the funds have already managed to offset part of the loss:
Cover image: Getty Images
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