Pensions will increase by one and a half percent; it can be calculated from inflation data.

The Central Bureau of Statistics released inflation data for August. This is also important because, according to the law, the correction of the pension increase must be determined in light of the January-August average. HE Retirement Guru it calculates on this basis what retirees can expect.

In January of this year, pensions increased by 2.8 percent. However, in the first eight months, inflation for retirees was much higher, at 4.3 percent. However, if this indicator is higher than the increase in the pension at the beginning of the year, a retroactive increase in the pension will come. (Retirement inflation is calculated by weighting the data from which the inflation figure comes out according to the consumption habits of the elderly, for example, the rise in the price of medicines is more important and does not really count for textbooks).

The extent of this is the difference between the two numbers, which means that this year all retirees will receive a 1.5 percent pension increase. For the ten months between January and October, this is paid in a lump sum in November, and the November and December pensions already come with the increase. For example, if someone now receives the average pension of HUF 127,000 (this is the “average pension”, half of the pensioners will receive more and the other half less), then the one and a half percent will be HUF 1,905 per month. In other words, for the first ten months, you will receive another 19,050 HUF in a lump sum, and in November and December your pension will be 128,905 HUF instead of 127,000 HUF.

Pension premiums, on the other hand, will certainly not arrive this year, as this will only happen if GDP growth is 3.5 percent; This is certainly not the case this year, more likely it will be in 2021 compared to the terrible 2020 figure to achieve improvement.

The government is also known to expect a 3 percent pension increase in the 2021 budget.



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