As of: February 14, 2024, 5:02 a.m
By: Amy Walker
Comments
Press
Split
The statutory pension is adjusted regularly, usually once a year on July 1st.
There will probably be a significant adjustment in 2024 due to inflation and increased wages.
Berlin – So far it is only speculation, but it is clear that pensions will rise again in the summer.
There is a lot of speculation about the exact amount of the pension adjustment, but the federal government itself has issued an initial forecast of 3.5 percent.
This emerges from the federal government's pension security report.
How high the pensions will be from July 1st is always announced in the spring by the Minister of Labor and Social Affairs.
The exact date of the announcement for 2024 is not yet public, but Social Minister Hubertus Heil (SPD) has promised a date at the end of March.
Pensions are adjusted according to wages - and they have risen significantly
The adjustment of statutory pensions is based on average wage developments.
Due to the high inflation in 2022, wages followed this development in 2023, so wage development is likely to have seen a significant jump.
The Federal Statistical Office (Destatis) has not yet made an announcement on nominal wages for the full year 2023, although the first three quarters of last year have been recorded.
Accordingly, wages rose by 5.6 percent, 6.6 percent and 6.3 percent in the first three quarters of 2023.
This is a significant jump compared to the pre-crisis years, when wages always rose in steps around the two percent mark.
This suggests that pensions could also rise significantly.
The two economists Bernd Raffelhüschen and Peter Knöppel announced in recent weeks that they considered an increase of 5 to 6 percent to be entirely possible.
And the “economics” and pension expert Martin Werding also predicted in autumn 2023 that he expected a significant pension adjustment this year.
Increase is criticized: pensioners have to make do with little
However, the planned pension increase is also being criticized.
The high inflation of the last few months and years is particularly affecting pensioners.
Social associations and Die Linke are therefore 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 get by on less than 1,250 euros in pension per month.
My news
Setback for Germany: Next company withdraws from its homeland read
“Citizen money is a crime against our children” – Hard traffic light billing
“Apples with pears”: That’s how long pensioners would have to work for a civil service pension
Generation Z is not ashamed of unemployment: “job shopping” instead of worrying about the future
Pension increase in July: Anyone who can look forward to 7.5 percent more pension can read
Record wave of bankruptcies: Companies from key sectors are also affected by bankruptcies
The party considers German pensions to be too low compared to international standards.
The social association VdK is demanding, among other things, a one-off surcharge of an additional 3,000 euros to compensate for the current inflation rate.
The German Social Association takes a similar view, warning of the “risk of poverty” and considering an inflation premium for pensioners to be unavoidable.