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Retirees will receive separate amounts twice in the coming months. The elderly will receive the supplementary pension increase at the beginning of November and the beneficiaries will receive the initial amount of the 13-month pension that will be reinstated at the beginning of next year. The two benefits total HUF 125 billion, said András Tállai, the Hungarian nation’s deputy finance minister.
In the following days, the interested parties will receive the amount of the so-called supplementary pension increase. When planning the 2020 budget, we expected a 2.8 percent increase in consumer prices, so pensions and pension-like benefits increased by that amount in January. At the same time, based on the first data for the eight months, experts from the Ministry of Finance concluded that the expected increase in consumer prices for retirees could be four percent, so the government decided to increase pensions 1.2 percent, Secretary of State András Tállai told the newspaper.
The supplement will be paid to those who are entitled to it in January, for the same amount, at the same time as their current pension. Stakeholders will receive a total of HUF 47 billion in this way.
At the beginning of 2021 the initial amount of the 13-month pension to be restored will arrive. According to the Vice Minister of Finance, the government will also provide coverage for the benefit in times of crisis. As the starting amount of the 13-month pension, the elderly will receive between 77 and 78 billion guilders next year.
Furthermore, the government already expects significant economic growth next year, which will also allow the payment of a pension premium. In 2021, the government set aside HUF 53 billion for this purpose, added the Secretary of State. (The Bajnai government introduced the pension premium from 2010, which promises a maximum of 20-40-60-80 thousand HUF per percentage point between 3.5 and 7.5 percent of GDP growth, or in the case of a smaller pension, your proportional share for retirees – a ed.).
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