Pensioners to get 3.9% inflation-linked top-up from July

Government

Pensions will rise 3.9% from July 1 in light of higher than expected inflation, Gergely Gulyás, the head of the Prime Minister's Office, said at a weekly press briefing on Thursday, according to a report by state news wire MTI.

Gulyás said the inflation-linked increase would be paid retroactively from the start of the year.

He noted that pensions were raised 5% from January, in line with the projection for CPI at the time. Now, the Finance Ministry believes average annual inflation of 8.9% is "realistic", taking into consideration the latest forecast by the National Bank of Hungary, he said.

Pensioners in Hungary normally get a top-up in November, if inflation exceeds the forecast, but Gulyás said the top-up is being paid earlier in light of the difference between the earlier and present CPI forecasts.

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