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Now that Statistics Austria has published the July inflation figures, the value of the pension increase has also been determined. The SPÖ-affiliated pensioners’ association believes this is too low.
As announced on Tuesday, pensions will rise by 4.6 percent in the coming year. The government recently agreed to adopt the statutory adjustment factor for the annual pension adjustment. This applies up to a maximum pension of 6060 euros per month. Anyone with a higher income will only receive the adjustment factor up to this amount.
The 4.6 percent is too little for the SPÖ-affiliated Pensioners’ Association, among others. This cannot “put a stop to poverty in old age”, said President Peter Kostelka. The equalization supplement should “finally be raised above the poverty line.” There would also need to be a “permanent protection clause against pension cuts” due to inflation and an “abolition of the pension protection contribution”.
The basis for calculating the guideline value for the pension increase for 2025 by the Ministry of Social Affairs is the average increase in the consumer price index. For this purpose, the arithmetic mean of the twelve annual inflation rates from August 2023 to July 2024 is used by Statistics Austria. This factor is also used to adjust family and social benefits and to increase the salaries of politicians. Ministry of Social Affairs calculates the guideline value for the pension increase in 2025 based on the average increase in the consumer price index. Statistics Austria uses the arithmetic mean of the twelve annual inflation rates from August 2023 to July 2024 for this purpose. This factor is also used to adjust family and social benefits and increase politicians’ salaries
source: krone.at/ pixabay.com
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