Risk of Poverty, Social Exclusion Highest Among Elderly

Analysis

The risk of impoverishment and social exclusion is highest among those about to retire in Hungary, according to data from the EU statistical agency Eurostat.

The change in the economic environment, income uncertainty, and the postponement of the retirement age, which has increased from 62 to 65 since the previous census in 2011, may have played a role in this, based on the announcement of the OTP Pension Fund.

According to KSH data, in 2022, 34.3% of the 60-69 age group worked, while in 2011 this ratio was 12.6%.

According to the report, the willingness of the elderly to work may be related to the fact that the pension is not always sufficient to cover expenses. Many people are forced to continue working because they cannot or do not want to rely on their families and do not have enough savings.

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