What’s changing about pensions in Austria: Raising the retirement age for women will take effect for the first time in 2024

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The increase in the retirement age for women will take effect for the first time in 2024. Female insured persons born between January 1 and June 30, 1964, can only retire at the age of 60.5. For those born between July 1 and December 31, 1964, the standard retirement age increases to 61. This pattern continues in further half-yearly steps up to the 1968 birth cohort. For women born after June 30, 1968, the standard retirement age of 65 will apply, as for men.

Substantial pension increases
And what else? Austria’s senior citizens are in for a big pay rise in the new year. Pensions are rising by 9.7 percent. For a total gross monthly pension income of over 5850 euros, an increase of a fixed amount of 567.45 euros is planned. The equalization supplement, effectively the minimum pension, will be raised from the current EUR 1110.26 to EUR 1217.96, and to EUR 1921.46 for couples.

In addition, an equalization supplement bonus will be given if at least 30 years of pension insurance contributions have been earned. The reference rate is 1325.24 euros, and the bonus is a maximum of 180.31 euros.

Aliquotation still suspended
The advantage for new pensioners in 2023 is that aliquotation is still suspended. This means that they will receive the total increase next year, regardless of the month in which they retire. The marginal earnings threshold is around 518 euros. Senior citizens who are gainfully employed alongside their pension will only have to pay pension contributions next year for the part of their additional earnings that is above twice the marginal earnings threshold. The annual bonus for working beyond the standard retirement age will be increased from 4.2 to 5.1 percent. The maximum monthly contribution base for social insurance will be 6060 euros gross in 2024.

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