Péter Magyar: pension and family allowance to be raised as soon as possible

Hungary could see significant welfare changes as early as 2026, according to Péter Magyar, who has outlined plans to introduce key economic measures swiftly if his party takes power.

Speaking after a press conference to RTL, he suggested several pledges from the Tisza Party could be implemented within the year. Among the most notable proposals is the doubling of Hungary’s family allowance, a long-standing benefit aimed at supporting households with children. Péter Magyar also confirmed that pension increases would be rolled out, with particular emphasis on raising payments for those on lower incomes.

School support and broader pension reforms are on the horizon

In addition to these changes, the party plans to introduce a one-off school-start grant worth HUF 100,000 (approximately EUR 250). This payment, expected to be distributed from August, would target families in need, helping to ease the financial burden of the new academic year, reports Portfolio.

Beyond immediate measures, the party’s broader pension programme includes maintaining the 13th-month pension and potentially linking future increases to wage growth rather than inflation. Other proposals previously outlined include raising minimum pensions and expanding support schemes for retirees.

When will this be implemented?

Magyar argued that political change alone could positively influence Hungary’s economic environment, even pointing to perceived improvements in the forint. However, analysts note that the proposed measures could place a substantial burden on the state budget, with earlier estimates suggesting costs running into hundreds of billions of forints annually.

In case you missed it: Péter Magyar unveils Tisza blueprint: 16 ministries, purge of “bones in the closet”, and a bid to freeze EU penalties. Also, Tisza press conference: Péter Magyar names first ministers.