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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.