Magyar Government to Raise Minimum Old-Age Pension
- On Thursday, Hungarian Prime Minister Peter Magyar announced the government will raise the minimum old-age pension to 120,000 forints monthly from 28,500 forints, effective January 1, 2027.
- Magyar's Tisza Party pledged this increase ahead of April's election, which the party won in a landslide, making pension reform a central campaign commitment now being fulfilled.
- The Government will also exempt prescription medicines from VAT and cut the VAT rate on firewood from 27 per cent to 5 per cent to help "our most forgotten elderly compatriots."
- Magyar stated that nearly one million elderly citizens are living in "severe deprivation" after the minimum pension remained unchanged for 18 years under the previous administration.
- Preparations for fulfilling these pension pledges have already begun, as the Government aims to demonstrate through its decisions how much it values older people and their dignity.
13 Articles
13 Articles
Péter Magyar announced that the minimum old-age pension will be increased to 120,000 forints from January 2027, which could affect hundreds of thousands of elderly people.
According to the Prime Minister, this will double the pensions of many people.
According to Péter Magyar, not only this, but "making prescription drugs VAT-free and reducing the VAT on firewood from 27 to 5 percent will also help" hundreds of thousands of pensioners "to live a life worthy of a human being."
The minimum pension will increase in Hungary for the first time in 19 years, announced Prime Minister Peter Magyar. The compensation will be increased by more than four times compared to the current level, from 80 euros per month to 330 euros...
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