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The Hungarian state spends very little on pensions compared to the performance of the economy

The Hungarian state spends very little on pensions compared to the performance of the economy

In terms of GDP, we are among the leaders in Europe.

Hungary spends the least amount of money compared to the size of the economy For retirement wrote that For a Eurostat summary Referring to. From the 2021 data just published by the EU Statistical Office, it can at least be noted that:

  • While in EU countries, on average, 12.9 percent of GDP was spent on subsidies, even
  • This percentage was only 7 percent in Hungary.

They also noted that there is significant variation between Member States:

  • The Greeks spend 16.4 percent of their gross national product on retirement, the Italians 16.3 percent, but even the Austrians spend 15 percent, which is the other extreme.
  • Ireland, where this percentage is only 4.5 percent, and in Malta, 6.4 percent.

At 7 percent, Hungary provides the third lowest amount of pensions relative to GDP.

In 2021, 27% of the EU population received a pension, and 80% of beneficiaries due to their old age, 80% of the pension paid went to them. The second largest group of beneficiaries belonged to widows, with 12 percent of payments being from such pensions, while 21.3 percent of all beneficiaries received widow's benefits. They added that 12.2% of pensioners received disability pensions, and they are entitled to 7.9% of the total amount.

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