Voluntary pension member contributions rose 4.5% in Q1
Voluntary pension fund member contributions rose by 4.5% to HUF 23.15 billion in Q1 2020 from Q1 2019, data from the National Bank of Hungary showed concerning the 36 voluntary pension funds that it tracks, according to a report by state news wire MTI.
Employer contributions were up 15% at HUF 7.02 bln.
Provisioning for late contributions fell 6.7% to HUF 8.09 bln while delayed membership fee payments contributed HUF 0.77 bln.
Membership count was at 1,110,400 at the end of March, down from 1,129,300 a year earlier.
Voluntary pension funds lost HUF 100.4 bln on investments in Q1 with HUF 91.6 bln of direct investment losses and HUF 8.74 bln of investment activity expenses. In Q1 2019 the funds had HUF 51.11 bln of net gains from investment activities.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 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.