Pensioners will also get a retroactive top-up around the end of the year because inflation will most certainly exceed the earlier projected 1.6%, Varga added.
Hungaryʼs government raises pensions each year by at least the rate of inflation, state news wire MTI notes.
The National Bank of Hungary (MNB) projects annual average inflation of 2.6% for this year.
Last year, Hungarian pensioners were each awarded HUF 10,000 worth of ʼErzsébetʼ food vouchers as a year-end bonus.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
