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Pension increase in 2024: payout dates staggered instead of at the same time
Find out why the 2024 pension increase will not reach all pensioners at the same time. Insights into payout dates and background information. #Pension #Pension increase #Pension payout #2024 #Finance
Pension increase in 2024: payout dates staggered instead of at the same time
The upcoming pension increase on July 1, 2024 will not be received by all pensioners at the same time. The delay in the payout is related to the payout dates. According to the Federal Ministry of Labor and Social Affairs, the pension will be increased by 4.57 percent, which will lead to significant changes. However, the pension plus is not transferred to all recipients at the same time.
Pensioners who applied for their old-age pension after April 2004 or will do so in the future will not see the increased pension in their accounts until July 31, 2024. The payment is made retroactively for the respective calendar month. In contrast, pensioners who started their pension before April 2004 will receive the higher pension at the end of June. This represents a difference between advance and arrears pension payments.
The relationship between advance and arrears pension payments was reversed in 2019. Previously, more pensioners received the money in advance, but now more pensioners are receiving the money retroactively for the current month. In order to make pensions future-proof, the federal government has passed the new Pension Package II, which brings significant changes for pensioners and contributors.