Hungary announces fourfold hike in minimum old-age pension

Hungary will raise its minimum old-age pension to 120,000 forints (€330) from January 1, 2027, marking more than a fourfold increase, Prime Minister Peter Magyar announced.

In a video address, Magyar said the increase was part of the government’s commitments and would significantly boost payments for hundreds of thousands of elderly Hungarians.

“In accordance with our commitments, from January 1, 2027, we will raise the minimum old-age pension to 120,000 forints (€330). For hundreds of thousands of our elderly compatriots, this means a significant increase in payments, and for many, a doubling of their pension,” Magyar said.

The current minimum old-age pension stands at 28,500 forints (€78), a level that has remained unchanged since 2008.

Magyar said the pension increase would be accompanied by additional measures aimed at reducing living costs for older people. These include abolishing VAT on prescription medicines and cutting the VAT rate on firewood from 27% to 5%.

The measures, he said, would help hundreds of thousands of elderly Hungarians improve their living standards.

By Vafa Guliyeva