Wednesday, Sep 11, 2024. 16:00

Évosz Advocates Allowing Use of Pension Savings for Home Purchase, Renovation

The National Federation of Hungarian Building Contractors (Évosz) said it advocated allowing Hungarians to use their savings in voluntary pension funds for home purchase and renovation, tax free, in a statement issued Tuesday.

Évosz said it was time to “rethink” the strict conditions for using savings in voluntary pension funds. Allowing savings set aside for 10 years to be used, with tax preferences, for home purchase or renovation would help older Hungarians living in homes in need of upgrades, especially in smaller settlements, it added.

Évosz said existing local capacity would be sufficient to accommodate the demand created by such measures.

The federation’s head, László Koji pointed to the need for home loan rates to fall, too.

As long as rates stay over the 5pc “psychological barrier”, no significant improvement on the home market is expected, he added.

World

Foreign Ministry Calling on Hungarian Citizens to Leave Lebanon

EU

Magyar Calls for EU Help to Assuage High Food, Energy Prices

Office Market

Graphisoft Park Renews Leases of 2 Key Tenants

Figures

10% Minimum Wage Rise Would Be ‘Manageable’ – Évosz

SUPPORT THE BUDAPEST BUSINESS JOURNAL

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.