Pensions to rise by 8 percent on average
Pensions are set to rise by an average of 8 percent from April 1 if the government approves this year's index on Thursday.
A pensioner who worked for 44 years will receive an additional €43 after indexation, raising their pension from €552 to €595, Merle Sumil-Laanemaa, adviser of the Labor and Pension Policy Department of the Ministry of Social Affairs, told ERR.
The value of the pension index is 1.079 this year leading to an 8 percent increase. The value of the pension index depends on the change in the consumer price index and the social tax.
The basic pension for all pensioners will rise from €235 to €255, Sumil-Laanemaa said.
Pensioners who live alone will also receive an additional sum which will rise from €115 to €200.
The indexation of pensions must be approved by the government, most likely at Thursday's sitting.
An extraordinary pension increase was agreed on last October and will be an additional 20 from January 1, 2023.
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Editor: Helen Wright