Pensions to Rise By 15% in Hungary from January

  • 14 Dec 2022 9:29 AM
  • Hungary Matters
Pensions to Rise By 15% in Hungary from January
The government will raise pensions by 15% as of Jan. 1, Prime Minister Viktor Orbán said on Tuesday. In a video published on Facebook, Orbán said he had signed a government decree on the pension hike.

“In the wake of Brussels’s ill-advised sanctions, an energy crisis is raging in Europe, which also has an impact on us Hungarians,” the prime minister said, adding “we are protecting families through price caps and reduced utility prices.”

While coping with current challenges, the government also focuses on long-term objectives such as securing a decent living for pensioners and preserving the value of pensions, Orbán said.

He added that previous hikes had helped meet that goal in each year since 2010, and the next hike in January would serve that end in 2023, too. “Seniors can rely on us!” Orbán said.

Meanwhile, Finance Minister Mihály Varga said the central budget would ensure a monthly 473 billion forints (EUR 1.2bn) to cover the pension hike.

According to the minister, pension payments in 2023, including a 13th month pension, will amount to 6,150 billion forints.

“Since 2010 we have doubled pensions and their purchasing power has increased by 20%,” Varga said, adding “we will continue to work to preserve the value of pensions amid the sanctions crisis”.

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