What are the statutory pension benefits in Hungary?

In Hungary, statutory pension benefits depend on meeting specific age and coverage requirements, which vary based on factors such as birth year, gender, and work conditions. The main criteria include:

• An age requirement of 65 years (which was reached in 2022), with at least 20 years of social security coverage. Previously, the age started at 62 years and 6 months in 2017, increasing by 6 months per year.
• For those born before 1952, retirement is possible at 62 years with at least 20 years of social security coverage.
• Women can retire at any age with 40 years of social security coverage, including time spent on child-rearing, provided that 32 years are actual working years. This working year requirement decreases by 1 year for each child beyond 4, up to a maximum reduction of 7 years.
• Workers in hazardous conditions may retire at 60 years if they have a minimum of 10 years (men) or 8 years (women) of hazardous work. The retirement age decreases by 1 year for every additional 5 years (men) or 4 years (women) in hazardous work.
• Partial pension benefits are available for those who are at least 62 years old with 15 years of social security coverage.

In terms of contributions, Hungary's social security system divides contributions between the employer and the employee. The employee's contribution is 18.5% of their gross salary, which includes 10% for pensions, 7% for health insurance, and 1.5% for labor market contributions. Employers pay a social contribution tax of 13%, and the funds collected are used to support social security and services, including the public pension system.