The government is focusing on raising employment and halting the decline in population as solutions to Hungary’s relatively high pension expenditures, the National Economy Ministry said in a study.
Hungary’s pension expenditure is high in international comparison, and deteriorating demographic indicators could make the situation worse, the ministry said.
The government has already taken many steps to raise employment and stop the decline in population, including eliminating “small taxes”, reducing the corporate tax rate, rationalizing administrative burdens, reallocating European Union support, restructuring the personal income tax system, introducing family tax preferences, supporting part-time employment, expanding children’s daycare and increasing support for families with children, the ministry said.
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