Facebook Group Protests In Budapest Against “Looting” Private Pension Funds
- 26 Nov 2014 8:00 AM
A demonstration was held in front of the economy ministry to protest against a government proposal concerning private pension funds, on Tuesday. Zoltán Büki, member of the Facebook group which organised the demo, said that “the government is now eyeing the property of 60,000 people” and insisted that the cabinet has “irrevocably gone down to the level of petty thieves sneaking into homes at night and reaching into drawers”.
The opposition Socialists said earlier they would organise a class action lawsuit on behalf of private pension fund members in response to the government proposal to wind up private pension funds.
The economy ministry proposed that private pension funds where fewer than 70% of members pay their mandatory monthly fees should be wound up.
According to National Bank of Hungary statistics only a few thousand private pension fund members now pay their mandatory monthly fees.
Members paid 10,000 forints (EUR 33) a month on average in 2011, but this amount has by now fallen to 500 forints.
Source www.hungarymatters.hu
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