Eurostat's Influence Is Felt

May 2005
Emerging Europe Monitor: Central Europe & Baltic States;May2005, Vol. 12 Issue 5, p3
Country Report
Country Report
The article looks at the controversy associated with the decision of the Hungarian government to apply accounting rules to second-pillar pension schemes as of May 2005. The social insurance contributions made under the second pillar of the pension system are allocated between the state and privately-managed funds. This move was in line with the current financing arrangements in Hungary. In the past, the Hungarian ministry of finance has prepared its fiscal accounts by excluding transfers to second-pillar investments. In September 2004, Eurostat has ruled that private pension funds being managed by government units should be classified as public financial corporations rather than a component of the general government sector. One consequence for this is that contributions and benefits under second-pillar pension schemes constitute neither revenue nor expenditure for government financial accounts.


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