As of: March 24, 2024, 5:26 a.m
By: Lisa Mayerhofer
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There is finally certainty: the pension increase this year will be higher than expected.
Our table shows how much more money pensioners will receive from July 2024.
Berlin - 21 million pensioners in Germany have been waiting for this for a long time - now it is finally clear how high the pension increase will be from July 2024.
At 4.57 percent, salaries rose more than expected in the summer.
The reason for the significant pension increase is “the strong labor market and good wage agreements,” said Federal Labor Minister Hubertus Heil (SPD) on Tuesday in Berlin.
Pension increase in 2024 will be higher than forecast
Many pensioners are likely to be pleasantly surprised by the announcement: In the fall, estimators had assumed a nationwide pension increase of around 3.5 percent in July 2024.
Heil also pointed out that the pension adjustment was “significantly” above the inflation rate.
In fact, inflation in Germany had recently weakened further; in February, consumer prices were still 2.5 percent higher than in the same month of the previous year.
1 million pensioners in Germany have been waiting for this for a long time - now it is finally clear how high the pension increase will be from July 2024.
(Symbolic image) © Denisfilm/PantherMedia
There is also another innovation this year: for the first time, the pension adjustment will be the same throughout Germany, as Heil emphasized.
“34 years after German unification, this is a milestone for our country.” Last summer, retirement benefits in the old and new states increased significantly differently – by 4.39 percent in the west and by 5.86 percent in the east.
With this pension adjustment, the pensions had already equalized last year - earlier than initially planned.
The reason was that wages in the East had previously risen significantly more than in the West.
Heil: “Work is worth the same in East and West when it comes to pensions.”
Pension table shows how much more money there will be from July 1st
But how much more money will there be for pensioners from July?
This is what our table shows:
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pension |
Possible pension from July 2024 |
Pension increase from summer 2024 at 4.57 percent |
|---|---|---|
700 euro |
731.99 euros |
+ 31.99 euros |
800 euros |
836.56 euros |
+ 36.56 euros |
900 euros |
941.13 euros |
+ 41.13 euros |
1000 Euro |
1045.70 euros |
+ 45.70 euros |
1100 euros |
1150.27 euros |
+ 50.27 euros |
1200 euros |
1254.84 euros |
+ 54.84 euros |
1300 euros |
1359.41 euros |
+ 59.41 euros |
1400 euros |
1463.98 euros |
+ 63.98 euros |
1500 Euro |
1568.55 euros |
+ 68.55 euros |
1600 euros |
1673.12 euros |
+ 73.12 euros |
1700 euros |
1777.69 euros |
+ 77.69 euros |
1800 euros |
1882.26 euros |
+ 82.26 euros |
1900 euros |
1986.83 euros |
+ 86.83 euros |
2000 Euro |
2091.40 euros |
+ 91.40 euros |
2100 euros |
2195.97 euros |
+ 95.97 euros |
2200 euros |
2300.54 euros |
+ 100.54 euros |
2300 euros |
2405.11 euros |
+ 105.11 euros |
2400 euros |
2509.68 euros |
+ 109.68 euros |
Pensions should increase less in the future
However, pensioners will probably have to prepare for smaller increases in the coming years: According to the current pension insurance report, pensions will no longer increase to the same extent as this year.
The report assumes an average increase rate of 2.6 percent per year until 2037 - a total of a good 43 percent.
At the same time, the pressure on pension funds is increasing due to the transfer of millions of so-called baby boomers.
According to the pension insurance report, the pension level is likely to fall from the current 48.2 percent to 45.0 percent in 2037 without legal intervention.
This means that pensions generally no longer rise as quickly as wages.
Heil: “Stable pensions are not a luxury” – criticism from the CDU
Heil therefore referred to the coalition's pension plans.
The government is stabilizing pensions and using generation capital to relieve the burden on future contributors.
The young generation will also benefit from growth in the future and will not become poorer compared to the working population.
“Stable pensions are not a luxury, but have been the basis of our social market economy for decades and a guarantee of stability and social peace,” said Heil.
Markus Kurth, rapporteur for pension policy for the Green parliamentary group, was also satisfied: “The significant increase in pensions of 4.57 percent is positive news for all pensioners.
The strong labor market development creates the necessary conditions for this.
Good collective agreements with decent wage increases are the basis for good pensions.”
The CDU MP Marc Biadacz welcomed the increase to
Ippen.Media
, but criticized the pension package: “At 4.57 percent, the pension increase is better than initially expected.
This is positive news for pensioners.
People have earned increasing pensions over their working lives in order to have a good living in old age.” However, “instead of a sustainable reform of the pension insurance, there is now an expansion of benefits that is not solidly counter-financed.”
“More than that, the traffic light federal government would like to introduce generational capital that does not meet the challenges,” said Biadacz.
With material from dpa