Gov’t to help pensioners back to work with bill

Banking

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The governing Fidesz-KDNP coalition has submitted a bill to Parliament under which pensioners would have better opportunities to return to work if they wish, which the government said it expects will mitigate the labor shortage the Hungarian market has so long complained about.

Under the bill, pensionersʼ cooperatives could be established in the framework of which pensioners could return to work under preferential conditions, according to Hungarian news agency MTI. The cooperatives would be legally similar to student cooperatives that have helped students find employment in Hungary.

The bill aims to provide pensioners with a “fair income” and with “payroll tax preferences,” as well as to support mentoring relationships between the older and younger generations and help the elderly in maintaining contact with society.

Those pensioners who work in the scheme would be exempt from pension and healthcare contributions, while pensionersʼ cooperative members who are compensated with food vouchers would be exempt from personal income tax.

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