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Opinion: Hungarian Weeklies on Aging Society Stores Up Future Problems

• 3 Mar 2023 7:46 AM
• BudaPost

An independent economist fears that unless the government introduces further tax cuts and other incentives, the aging of the Hungarian society will lead to a ‘pension catastrophe’.

On Portfolio, István Palkó predicts that the Hungarian pension system will face huge challenges due to unfavorable demographic changes.

The independent analyst points out that the average age in Hungary is increasing all the time, in thirty years time every third Hungarian will be over 65. The current pension system will become unsustainable, he believes. In order to avoid its collapse, he suggests, the government should incentivize long-term savings and private pension schemes through tax cuts.

He quotes Eurostat data showing that the saving rate of Hungarians is the fourth lowest in the EU, and is still declining.

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Launched in May 2011 to provide a balanced picture of matters covered in Hungary’s national press. Their aim is to make it easier for English-speakers to understand where this country is now and where it’s heading according to the full spectrum of media opinions.

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