As of: February 14, 2024, 7:00 p.m
By: Marvin K. Hoffmann
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Pensions will be increased again in 2024.
It is not yet clear by what percentage.
The ministry is now deciding when it will announce something.
Hamm – Pensioners ask themselves one question particularly often: By what percentage will the pension be increased in 2024?
So much in advance: The increase will probably be slightly lower than in 2023 - current estimates roughly show which direction it is going.
The Federal Ministry of Labor and Social Affairs (
BMAS) has now at least decided when pensioners in Germany will finally receive notification of their increase, reports
wa.de.
Pension increase by how many percent?
Ministry names important date for 2024
“The pensions are adjusted annually on July 1st based on the statutory pension adjustment formula,” explains the BMAS when asked
by
wa.de.
The following applies: “The statutory pension is a wage replacement benefit and generally follows wages.
The basis for the adjustment of pensions is data from the Federal Statistical Office on the development of gross wages and salaries per employee according to the national accounts (VGR)." Simply put: If wages rise in Germany, then pensions also rise.
Of course, pensioners will not find out how much pensions will increase in 2024 until July 1st.
The BMAS wants to send out a corresponding notification much sooner.
Other changes for pensioners, including increasing deductions, are already known.
“Pensions are usually adjusted based on the so-called Pension Value Determination Ordinance, which is decided by the Federal Cabinet,” explains the BMAS
to
wa.de.
This is expected to be the case at the end of April 2024.
Subject to the approval of the Federal Council - which is usually given in June - this pension value determination regulation then comes into force on July 1st of each year.
However, the ministry can make binding statements much earlier.
At the end of March it will be clear by what percentage the pensions will be increased
The Federal Ministry of Labor and Social Affairs (BMAS) explains in response to a
wa.de
inquiry: “Binding statements about the actual amount of the pension adjustment as of July 1, 2024 are only possible at the end of March 2024, when all the necessary data from the Federal Statistical Office and the German Pension Insurance Federation It also explains: “As soon as the 2024 pension adjustment has been calculated, the BMAS will publish a press release on its homepage and launch the 2024 Pension Value Determination Ordinance.”
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At the end of March, pensioners in Germany will know by what percentage their pension will actually be increased in 2024.