As of: February 5, 2024, 12:07 p.m
By: Mark Stoffers
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How high will the pension increase be in 2024?
The federal government assumes over 3 percent.
An expert is more confident about the future when it comes to pensions.
Munich – Good news for pensioners?
While pensioners will face a reduction in a subsidy, the pension increase in 2024 is not in danger.
However, it is not yet known how much the pension will increase on July 1, 2024.
Nevertheless, one expert dares to make an initial prediction and even holds out the prospect of a “mega pension increase”.
Pension: Economists speak of a “mega pension increase” for pensioners
The increase in pension is determined by two factors, among others.
On the one hand, it depends on current wage developments and the net wage index for 2023.
And on this basis in particular, economist and pension expert Peter Knöppel sees great potential for the development of the upcoming pension increase.
Knöppel emphasizes that, based on current wage developments and the net wage index, there could be a “mega pension increase” for 2023.
The expert justifies his positive retirement prediction with a look into the past.
He points to the past few years in which there have been significant pension increases despite lower wage increases.
He particularly cites developments in 2022 as an example.
Hope for pensioners: Wage increases could lead to a “mega pension increase
While Economics Minister Robert Habeck wants to pay pensioners more money, pensioners are also hopeful about the wage increases in the last three quarters in 2023.
These resulted in a net wage index of around 6.2 percent.
The increase alone could indicate a significant increase in pensions, but only if wage developments alone are taken into account.
The pension will rise in 2024 – perhaps even higher than expected?
© dpa |
Stefan Sauer + IMAGO/ Bihlmayer photography (montage)
The economist Prof. Dr.
Bernd Raffelhüschen recently announced that, based on the positive wage development, an increase in pension value of 5 to 6 percent could be possible by July 1st.
Meanwhile, the federal government is currently assuming a pension increase of 3.5 percent for 2024.
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Estimates of pension increases in 2024: Minister Heil has until March to inform pensioners
Nevertheless, all figures for pension increases are currently nothing more than estimates.
There will still be a lot of room for speculation and projections until the pension values are announced in March by Labor Minister Hubertus Heil, who recently announced a pension package.
Nevertheless, pensioners can expect changes as early as February, affecting payouts and disability pensions.
There will be an important change for pensioners, especially when it comes to disability pensions, as there is no longer any entitlement to a pension in the event of occupational disability.
But there is also good news to report when it comes to disability pensions.
There is an increase of 7.5 percent for existing pensioners with a disability as long as this was determined between January 2001 and December 31, 2008.
Criticism for the late pension increase in 2024: Left and social associations demand support for pensioners
Nevertheless, the pension increase is also criticized.
Because, no matter how high it is, the high inflation of the last few months and years is particularly affecting pensioners.
A circumstance that has long brought social organizations and the Left onto the scene.
They are calling for an immediate increase in pensions in order to compensate not only for the cost increases caused by inflation, but also for the fact that millions of pensioners in Germany have to make ends meet with less than 1,250 euros in pension per month.
In the party's opinion, German pensions are too low in international comparison.
The social association VdK also criticizes the government, which sees the “pension fund as a self-service shop” and expects concrete measures from the traffic light coalition.
Among other things, the association is demanding a one-off surcharge of an additional 300 euros to compensate for the current inflation rate.
The German Social Association sees it the same way.
He warns of the “risk of poverty” and considers an inflation premium for pensioners to be unavoidable.