State Treasury Offers Pension Savings Accounts

Analysis

Finance Minister Mihály Varga announced the launch of Pension Savings Accounts (Nyesz) at the Hungarian State Treasury on Friday, state news wire MTI reports.

There are no fees for the Nyesz accounts at the Treasury and account holders are eligible for a personal income tax rebate up to HUF 100,000 a year, Mr Varga said.

Nyesz account savings are tax-free upon withdrawal at retirement but must remain on the account for a period of at least 10 years.

Resident retail investors hold about 20% of Hungary's forint state debt.

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