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Magyar said the measure would benefit “several hundred thousand” pensioners and also fulfill a campaign pledge by the Tisza Party.
“Our seniors deserve security, respect and dignity after a life of hard work,” the Prime Minister said.
The minimum old-age pension has stood at HUF 28,500 per month since 2008.
Magyar also explained that government decisions to exempt prescription medicines from VAT and reduce VAT on firewood from 27% to 5% would also benefit pensioners.
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