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PM Orbán Announces Further Pension Increase

It was a good start to the day for Hungarian seniors: Prime Minister Viktor Orbán announced this morning that pensions will be increased by 15 percent from 1 January.

In a video shared on his Facebook page, the prime minister said that Brussel’s sanctions against Russia had led to an energy crisis throughout Europe, which was also affecting Hungarians. “We Hungarians are protecting families by capped prices and utility cost reduction”, Orbán said.

He added that while protecting ourselves, we must not forget the country’s great goals, which go beyond the difficult times. “One of our big goals is to ensure that pensioners live in dignity and to preserve the value of their pensions. We have achieved this goal every year since 2010. Now that we are increasing pensions by 15 percent from 1 January, this will be the case in 2023 as well,” the prime minister stressed.

Shortly after the announcement, Finance Minister Mihály Varga said that the budget would provide the monthly HUF 473 billion (EUR 1.1 billion) needed to pay the increased pensions. He added that next year’s pension payments, including the 13th month pension, will amount to 6,150 billion forints (EUR 14.9 billion).

The Hungarian government has increased pensions several times this year, while also reintroducing the 13th month pension and, as last year, the elderly have received a substantial pension bonus as well. This is the fifth time this year that the Hungarian government has paid a pension premium since 2017.

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Featured photo via Pixabay

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