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Govt to model Hungary’s pension system on Swedish scheme

The government plans to transform Hungary’s pension system according to the Swedish model, a ministry plan obtained by online financial portal Portfolio.hu said.

The document clearly shows that the government would abolish early retirement and equilibrate the incomes and expenditures of the pension system, which is likely to result in higher retirement ages, Portfolio.hu said. The government will make its pension plans public in September and, according to the portal, the new system will be introduced within three to five years.