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Pensions May Go Up Again This year If Inflation is High

picture of retirees and money

An extraordinary pension increase may take place this year if the economic or political situation requires it, as evidenced by the extraordinary supplementary pension increase in June 2021, says pension expert András Farkas in Napi.hu.

Prime Minister Viktor Orbán announced last month in Parliament that pensions would increase by 5% from January 1, 2022. In addition to this, around two dozen other social welfare benefits also went up.

According to his analysis on NyugdíjGuru, Farkas estimates if the rate of annual inflation estimated from actual inflation data measured in January-August 2022 exceeds 5%, then some type of pension increase could be expected in November 2022.

Further extraordinary increases in the course of the year may also take place if the economic or political situation so requires, the pension expert said.

[Magyar Hang]

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