The so-called ‘pension law’ that will effectively wind up the mandatory private pension system in Hungary was passed yesterday. The law forces all employees to return to the state pension system since those who remain in the private system are not entitled for future state pension.
According to the recently accepted law the Government moves all of the private pension system members back to the state system by 31 January 2011, unless someone declares the contrary. The accumulated capital is going to be nationalized while suggesting it was people’s choice. The ones that are not giving up their private pension accounts must forget about state pension.
’They tend to say, if the facts do not confirm your theory then change the facts. That is what you are doing right now. However, there is no way where you are heading. We will have to pay a serious price for that. Please, withdraw the law. ’ - said a Socialist MP. Hungarian Socialist Party’s fraction members put a blue ribbon on their clothes to show their solidarity with the ones protesting against the new pension law.
Meanwhile, it turned out that false arguments laid behind the Hungarian pension attack because Poland could come to an agreement with the EU after all. They will somehow sort out the budget deficit caused by people signing up to the private pension system.