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As of November 1, most pensions and pension-like benefits will increase by 1.2 percent, according to the Hungarian Gazette. The higher-than-expected inflation supplement applies to all benefits that increased on January 1.
According to Napi.hu, the magnitude of the increase is not surprising, as it is calculated based on August inflation data released by the CSO in early September. However, the money deterioration rate was 3.9 percent in August and 3.99 percent in January-August 2020, while inflation was projected at 2.8 percent in the 2020 budget. .
Therefore, based on the amount of the national average of pensions, the 11-month amount of the 1.2 percent correction is 18.8 thousand HUF.
However, given that more than half of pensioners have a lower salary – only 60-139 thousand HUF per month – the amount received as a correction, which will be received from November 11, is expected to be less. The Hungarian State Treasury will pay pensions for November and December with an increase of 1.2 percent.
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