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Parliament passes law phasing out early retirement

Legislation approved by Hungary’s parliament with a vote of 257:97 on Monday eliminates the possibility of early retirement from January 1, 2012.

The early pensions paid at present will be financed from the central budget rather than from the social security fund.

Former police officers, other law enforcement and disaster management staff under 57 who used to be eligible for early pension will pay personal income tax on their pension if they decide against returning to work. This pension, however, cannot be lower than 150 percent of the minimal wage.

Women with 40 years of work who can retire early under a recent legislative amendment will remain an exemption.