As of: March 14, 2024, 6:49 p.m
By: Mark Stoffers
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The pension increase in 2024 is pending.
Retirees are hoping for positive news due to lower inflation.
Minister Heil is optimistic.
Berlin - According to the announced pension package, the traffic light is before the pension increase in the summer of 2024. Pensioners are eagerly waiting to see how much more money they can expect from their pension.
In particular, the discussion about zero increases in pension increases, which was initiated by the expert Bernd Raffelhüschen, led to some uncertainty among the population.
Pension increase in summer 2024: Heil is assuming a positive forecast
Finance Minister Christian Lindner also suggested cuts in social benefits some time ago.
Economist Monika Schnitzer has also suggested that pensions are on the brink and in the future “should no longer be increased as much as before” in order to avoid placing too much of a burden on the younger generation in view of Pension Package II.
While the reactions of social associations and politicians were clearly against zero pensions, Labor Minister Hubertus Heil (SPD) also clearly rejected the proposals.
Not only the pension increase in the summer of 2024, but also beyond the years is secured.
For this year in particular, Heil is at least positive in his forecast for the pension increase in the summer.
Pension increase in July 2024: “Confident that pensions will again rise faster than inflation”
While a pension expert suggests a possible “mega increase” for pensioners, the SPD politician says he believes a pension increase above the inflation rate in the summer of 2024 is likely.
Initial estimates made the federal government “confident that pensions will rise faster than inflation again on July 1st,” Heil told the newspapers of the
Funke media group
some time ago .
An official forecast assumes a pension increase of 3.5 percent.
The pension increase will come in the summer of 2024. In an official forecast, the federal government assumes a pension increase of 3.5 percent.
© Zacharie Scheurer/dpa-tmn
This emerges from a draft of the federal government's pension insurance report.
This will be the first time the increase will be uniform across the country.
However, the percentage is not yet binding because the actual value of the increase will not be determined until spring 2024.
Nevertheless, it is a forecast that should make pensioners positive.
Finally, there have also been significant pension increases in recent years, although due to the economic situation they have not seen an increase in real purchasing power.
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“Mega pension increase” for pensioners in 2024: expert predicts good prospects
Pension increase in summer 2024: Significant plus for pensioners since 2022
According to the first figures from the German Pension Insurance for 2023, average net pensions rose by 57 euros to 1,209 euros last year.
In the east, pensions increased by 5.86 percent and in the west the increase for pensioners was 4.39 percent.
Together with the increase in 2022, this represents an increase of eleven percent.
These figures include all pension payments from disability, old-age and widow's pensions.
The pensioners who benefited the most were those who received a widower's or widower's pension in addition to their own.
The 4.154 million so-called multiple pension recipients received 1,794 euros for men, which corresponds to a total pension increase of 166 euros in the past two years.
Pensioners received an average of 1,647 euros (+158 euros) more for 2022 and 2023.
Pension increase 2024: Table shows how much more money pensioners could receive
pension |
Possible pension from July 2024 |
Pension increase from summer 2024 with 3.5 percent |
700 euro |
724.50 euros |
+ 24.50 euros |
800 euros |
828 euros |
+ 28 euros |
900 euros |
931.50 euros |
+ 31.50 euros |
1000 Euro |
1035 euros |
+ 35 euros |
1100 euros |
1138.50 euros |
+ 38.50 euros |
1200 euros |
1,242 euros |
+ 42 euros |
1300 euros |
1345.50 euros |
+ 45.50 euros |
1400 euros |
1449 euros |
+ 49 euros |
1500 Euro |
1552.50 euros |
+ 52.50 euros |
1600 euros |
1656 euros |
+ 56 euros |
1700 euros |
1759.50 euros |
+ 59.50 euros |
1800 euros |
1863 euros |
+ 63 euros |
1900 euros |
1966.50 euros |
+ 66.50 euros |
2000 Euro |
2070 euros |
+ 70 euros |
2100 euros |
2174 euros |
+ 74 euros |
2200 euros |
2277 euros |
+ 77 euros |
2300 euros |
2381 euros |
+ 81 euros |
2400 euros |
2484 euros |
+ 84 euros |
The pension increase in 2024 depends on wage developments in Germany
How much pensions will rise depends on wage developments in Germany.
When employees' incomes rise, pensions also rise.
This has to do with the so-called pay-as-you-go system on which the pension is based.
This means that the current contributions are transferred to the current pensions.
So employees who are subject to social security contributions pay for the pensions of current pensioners with their contributions.
In addition to the pension increase in the summer of 2024, Heil says he initially sees no signs of an increase in pension contributions in Germany.
Employment in Germany is “at a record level,” said Heil.
The contribution rate has therefore been stable at 18.6 percent since 2018 and will “remain stable for even longer”.
Chancellor Olaf Scholz also commented on the questioning in the Bundestag and outlined how he wants to “keep the pension stable”.