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Socialists Warn of Growing Poverty among Pensioners

MTI-Hungary Today 2021.12.01.

The gap between pensions and wages is growing, and a growing number of Hungarian pensioners are experiencing poverty, the Socialist (MSZP) head of parliament’s welfare committee said on Tuesday.

Lajos Korózs told an online press conference that at the end of 2019, as many as 270,000 pensioners were among the poorest ten percent of Hungarians, going up from 26,000 in 2010.

Pensions are “polarised”, and the system has become “rigid” so very few can choose early retirement, he said.

While 11.2 percent of GDP was spent on elderly care in 2010, that ratio fell to 8.3 percent by 2019, he said. Meanwhile, “there is plenty of money for prestige investments,” he added.

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Should the opposition come to power at next spring’s general election, the Socialists would ensure a more flexible retirement system and launch a pension correction scheme, he said.

featured image: Lajos Korózs in the Parliament; via Noémi Bruzák/MTI