At the beginning of October, a decree on the pension premium and supplementary pension increase was published in the Magyar Közlöny, according to which a 1.2 per cent increase will be granted to those entitled to pensions and pension-like benefits from 1 November (with retroactive effect from 1 January). Under the regulation, benefits in November 2021 must be paid to beneficiaries in the amount already increased and the amount of the increase due for the period January-October (as well as the amount due after the thirteenth monthly pension). It was also recorded that this year, for a single time, a uniform pension premium of HUF 80,000 will be paid to the beneficiaries, the Money center.
On January 1, 2021, the average amount of the old-age pension was HUF 150,571 per month. This was increased by an extraordinary additional increase of 0.6% during the year after the amendment of the Budget Act of 2021, so that the average monthly pension could have been around HUF 151,475 since the summer. It is certain that every pensioner can expect a pension premium of HUF 80,000. The fact that the increased amount of the pension will arrive in November means that an average pensioner will receive approximately HUF 153,300, approx. HUF 2,700 more than at the beginning of the year.
The retroactive lump-sum increase also depends on the amount of the old-age pension. There is a 12.3 percent increase for 10 months. So an average retiree will receive roughly 18,600 forints in a lump sum in addition to the aforementioned. The total amount that a pensioner entitled to an average amount will receive in November will be almost 252 thousand forints.
The portal also warns that despite the increase in inflation, less of the products of about one hundred thousand forints can be purchased from many products than a year earlier.
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