PM Viktor Orban in a Facebook video message reacted that the move intends to alleviate excessive state debt. Orban claimed that citizens’ pension security will increase under state administration. He added that Hungarians should have faith in the Government, which intends to shed excessive state debt by enacting its current economic policy, and provide assurances for an adequate pension plan for current workers.

According to the proposal, transferees to a state pension account will compensated for any losses incurred at their private funds, while those with excess savings can withdraw their funds tax-free.

By Andras M. Badics, published on XpatLoop.com with the permission of BudapestReport.com