Nyugdíjat

Nyugdíjat is the Hungarian word for pension. It refers to a regular payment made by the state or a private pension fund to individuals who have reached retirement age or are unable to work due to disability. The Hungarian pension system is primarily a pay-as-you-go system, meaning that current contributions from working individuals fund the pensions of current retirees.

Eligibility for a state pension in Hungary is typically based on the number of years contributed to the social security system and the age of the applicant. There are different types of pensions, including old-age pensions, disability pensions, and survivor's pensions. The amount of the pension is calculated based on the individual's earnings history and the length of their contribution period.

In addition to the state pension, Hungary also has a supplementary private pension system, where individuals can voluntarily contribute to private pension funds to supplement their state pension. This can be done through various financial institutions. The aim of this system is to provide individuals with greater financial security in their retirement years. Changes to pensionable age and contribution requirements have been a recurring topic of discussion and policy adjustments in Hungary over the years, reflecting demographic shifts and economic considerations.