Pension increase 2024: Pensions will increase by 4.57 percent

Pension increase 2024: Pensions will increase by 4.57 percent

Pensioners in Germany have been eagerly awaiting the announcement of the pension increase in July 2024. Finally, the Federal Ministry of Labor and Social Affairs (BMAS) announced that pensions will increase by 4.57 percent. This news shows a positive result as this was above initial expectations.

There was originally talk of an increase of 3.5 percent, but the final pension increase is now 4.57 percent. This measure marks the third consecutive year in which the pension adjustment has been above four percent. Expressed in concrete figures, this means that pensioners in Germany will have more money in their accounts.

Interestingly, pension adjustments are being carried out uniformly nationwide for the first time since reunification. This underlines the equal value of work in East and West Germany, emphasized Federal Labor and Social Affairs Minister Hubertus Heil. He described the pension increase as a “milestone” 34 years after German unification.

In order to keep pensions stable in the long term, Pension Package II is being introduced, which is intended to ensure sustainable stabilization of the statutory pension. This measure is intended to relieve future generations of contributors and ensure that the younger generation also benefits from the stable pension system. Because stable pensions are essential for the social market economy and ensuring stability and social peace in Germany.