Pensions: 1.3 million pensioners get a double increase - Examples

Pensions: 1.3 million pensioners get a double increase – Examples

Pensions: The vast majority of pensioners, namely 2,499,285 out of a total of 2,634,786 (94.6%) will see one, two or even three increases in their income

Raises in the 94.6% of pensioners, double increases to nearly 1.3 million pensionerstriple increases to about 185,000 and an additional pension to 1 in 2 pensioners resulting from the analysis of the final data completed by its services EFKA and which take into account all the upcoming increases in their salaries, which are to be implemented gradually from the end of 2022.

Especially for her horizontal increase in total pensionswhich will be effective from 1/1/2023, this was calculated based on the rate of 7.75%, as it appears from the Budget data.

It is recalled that in case there is any small deviation in terms of the final percentage of the increase to which pensioners are entitled, this will be certified by ELSTAT in the fall of 2023, with the publication of the final inflation and GDP figures for 2022.

Any small deviation that occurs will be paid to pensioners in early 2024, together with the corresponding retroactive payments.

The following conclusions emerge from the analysis:

The vast majority of pensioners, namely 2,499,285 out of a total of 2,634,786 (94.6%) will see one, two or even three increases in their income. In fact, the increases are such that 1 in 2 pensioners will receive at least one additional pension (many and amounts larger than an additional pension).

These increases result from:

  • From the “unfreezing” of regular increases from the beginning of 2023, which will be 7.75%.
  • Since the abolition of the special solidarity levy.
  • From the payment of the extraordinary financial aid of 250 euros at the end of this year.
  • From the payment of the 4th annual installment, provided for in Vroutsis law, for pensioners who applied before May 2016, with more than 30 years of insurance.

In detail, the increases and the number of beneficiaries are distributed as follows:

  • An increase of 7.75% will be seen by 1,724,713 pensioners. Of those, 80%-85% will see a full 7.75% increase, while the vast majority of the rest will see increases in excess of 7% depending on how much personal difference they have.
  • 912,644 pensioners will see the abolition of the special solidarity contribution.
  • 1,206,624 pensioners will receive the emergency aid of 250 euros.
  • 231,655 pensioners will receive the 4th annual increase of Vroutsis
  • From the analysis of the individual categories of pensioners, single, double or even triple increases result.

Specifically:

  • 2,499,285 pensioners will see at least one increase (due to the 7.75% increase or the abolition of the solidarity contribution or the payment of the 250 euro allowance),
  • 1,344,696 pensioners will see a double increase (due to the combination of the increases of 7.75%, the abolition of the solidarity contribution or the payment of the extraordinary financial aid of 250 euros),
  • 185,649 pensioners will see a triple increase (due to the combination of the increase of 7.75%, the abolition of the solidarity levy or the payment of the extraordinary financial aid of 250 euros and the application of the 4th annual increase of Vroutsis).

The above categories of beneficiaries are divided as follows:

  • 1,724,713 pensioners will benefit from the horizontal increase of 7.75%.
  • A double increase (increase of the order of 7.75% and an increase through the abolition of the special solidarity contribution) will see 397,164 pensioners.
  • 947,532 pensioners will see a double increase (increase of the order of 7.75% and payment of the extraordinary financial aid of 250 euros).
  • 35,252 pensioners will see a triple increase (increase of the order of 7.75%, payment of the extraordinary financial aid of 250 euros and the 4th annual increase of Vroutsis).
  • 150,397 pensioners will see a triple increase (increase of the order of 7.75%, increase through the abolition of the special solidarity levy and the 4th annual increase of Vroutsis).

For the 910,073 pensioners who have a large personal difference, it appears that 83% of them will also see increases in their salaries.

Specifically:

Through the abolition of the special solidarity contribution, 515,480 pensioners will see increases with a large personal difference. At the same time, they will see a significant reduction in their personal difference.
Through the payment of the extraordinary financial aid of 250 euros, 259,092 pensioners will see increases in their salaries and, at the same time, a significant reduction in their personal difference.

In conclusion:

In total, 94.6% of retirees will see one, two or even three increases in their earnings.

More than 1.3 million pensioners will see double increases.

1 in 2 pensioners, with the combination of the above increases, will receive at least one additional pension.

83% of those with a large personal difference will also see increases through the abolition of the special solidarity levy and the payment of the €250 subsidy.

Examples of pension increases

Example 1

With an increase: Pensioner who receives 850 euros per month. With the application of the 7.75% increase, the monthly benefit he will have will be approximately 66 euros, while the annual benefit will be 792 euros. In other words, it will reach 93% of an additional pension.

Example 2

With a double increase: A pensioner currently receives a pension of 900 euros and declares income from other sources of 6,200 euros in total per year. With the application of the 7.75% increase and the benefit from the abolition of the special solidarity levy, the total annual benefit amounts to 906 euros (840 euros from the 7.75% increase and 66 euros from the abolition of the special levy). The annual benefit exceeds that is amounts to an additional pension.

Example 3

With a double increase: A pensioner receives 750 euros per month. With the application of the 7.75% increase, the monthly benefit he will have will be approximately 58 euros, while the annual benefit will be 696 euros. At the same time, the pensioner is also entitled to the extraordinary aid of 250 euros as his pensionable earnings do not exceed 9,600 euros per year. With the calculation of both increases in his earnings, it follows that the total annual benefit amounts to 946 euros, far exceeding an additional pension.

Example 4

With a triple increase: A pensioner who submitted a pension request before May 2016, with more than 30 years of insurance, receives 514 euros per month. With the application of the 7.75% increase, his monthly benefit from this increase will be 40 euros and the annual benefit will be 480 euros. At the same time, he will receive an additional increase of 2.83% due to the 4th annual increase provided for in Vroutsis based on the improved replacement rates, i.e. an additional 174 euros per year. Due to his low income (below 9,600 euros) he will also receive the aid of 250 euros. Therefore, with the combination of the above three increases, it follows that his total annual benefit amounts to 904 euros. He will therefore see a full additional pension but also 68% of a 2nd additional pension.

Example 5

With a double increase: A pensioner with monthly benefits of 1,100 euros, with the application of the 7.75% increase, will see a monthly benefit of 85 euros and an annual benefit of 1,020 euros. Due to the abolition of the special solidarity levy, he will see an additional annual benefit of 66 euros. The total annual benefit amounts to 1,086 euros touching an additional pension.

Example 6

Increases despite the existence of a significant personal difference. A pensioner with a negative personal difference of 70 euros receives a net monthly pension of 560 euros. The increase of 7.75% significantly reduces the personal difference but does not overcome it. Due to an income of less than 9,600 euros a year, the pensioner will receive the extraordinary financial aid of 250 euros and at the same time will see his personal difference reduced by 42 euros and will be able to see faster real increases in his pocket in the future.

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