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Pension increase 2024: Pensioners will receive 4.57 percent more from July 1st
Find out how the pension increase in summer 2024 will affect retirement benefits and how much more money pensioners will receive from July 1st. Updates on Hubertus Heil's pension policy and discussion about the payout.
Pension increase 2024: Pensioners will receive 4.57 percent more from July 1st
Pensioners can look forward to a pension increase that will take effect from July 1, 2024. At 4.57 percent, the increase is higher than expected. This increase is over four percent for the third year in a row. Pension increases are higher than inflation for the first time in two years. In addition, the adjustment is carried out nationwide after the pension value in the east has already reached the value in the west.
Federal Labor and Social Affairs Minister Hubertus Heil describes the pension increase as good news for pensioners. He emphasizes that this increase was made possible by a strong labor market and good wage agreements. The nationwide adjustment after 34 years since German unity is a milestone. The minister emphasizes the equal value of work in East and West with regard to pensions.
In order to ensure future pension security, the old-age pension will be stabilized by Pension Package II. This is intended to help reduce the burden on contributors in the long term and create opportunities for future generations. Heil emphasizes that stable pensions are an essential part of the social market economy.
Despite the good news about the pension increase in summer 2024, there is also criticism. Some experts and organizations see certain groups as more burdened and express concerns about certain aspects of the pension package. Some critics consider the pension increase to be inadequate because it does not keep pace with the real increase in purchasing power.
Not all pensioners will receive the pension plus at the same time from July 1, 2024. Pensioners who applied for their old-age pension after April 2004 or who will do so in the future will receive the increase retroactively in the respective calendar month. This group will not be able to post the pension plus to their account until July 31, 2024.