Magyar Government to Raise Minimum Old-Age Pension
The increase will double the minimum pension for many recipients and help several hundred thousand elderly people, the prime minister said.
- On Thursday, Hungarian Prime Minister Peter Magyar announced the government will raise the minimum old-age pension to 120,000 forints monthly, effective January 1, 2027, replacing the 28,500 forint rate.
- Raising the statutory minimum pension was a key pledge of the Tisza Party ahead of April's election, which Magyar won with a landslide victory.
- Magyar stated that during the previous government's 15 years in office, nearly one million elderly citizens are living in severe deprivation, prompting the need for immediate support.
- Complementing the pension increase, the government will exempt prescription medicines from VAT and cut the VAT rate on firewood from 27 per cent to 5 per cent.
- These measures aim to help what Magyar called 'our most forgotten elderly compatriots' live with dignity, though he acknowledged the nation's debt to seniors cannot be fully repaid.
16 Articles
16 Articles
The new Hungarian government announced on Thursday that the minimum pension will increase from 80 euros a month to 330 euros today, starting in January 2027. It is a measure targeting hundreds of thousands of people, announced Prime Minister Peter Magyar on Facebook.
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."
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