Pensioners will receive a significant pension increase from July 1st. A table shows how much more money they will receive from the pension increase in summer 2024.
Berlin – The pension increase is coming in summer 2024. The pension will increase more significantly than previously forecast. While the traffic light coalition had assumed a pension increase of 3.5 percent before the announcement, after the announcement of the pension increase in 2024 one can probably speak of a mega increase in pensions.
Pension increase in summer 2024: Pensioners will receive 4.57 percent more pension from July 1st
After all, pensioners will receive 4.57 percent more pension from July 1st. According to the Ministry of Labor and Social Affairs, this means that the pension adjustment is “above four percent for the third year in a row”. In addition, the pension increase in 20224 will be above inflation for the first time in two years.
Accordingly, the pension adjustment is now taking place nationwide for the first time, after the pension value in the east had already reached the western value last year.
Pension increase in 2024 from July: “Good news for pensioners” in the summer
Federal Labor and Social Affairs Minister Hubertus Heil (SPD) called the pension increase in July 2024 “good news for pensioners”. It is possible thanks to a strong labor market and good wage agreements, which are taken into account in the decision to adjust pensions.
With a view to the first nationwide increase, Heil spoke of a “milestone” 34 years after German unification. “Work is worth the same in East and West when it comes to pensions,” emphasized the minister.
Pension increase 2024: Future pensions will be stabilized for pensioners with the new pension package
To ensure that retirement benefits remain reliable for everyone in the future, they will now be stabilized through the reform of Pension Package II, the minister continued. The statutory pension will become “permanent and, at the same time, with the generation capital, it will relieve the burden on future contributors”.
This will ensure “that the young generation will also benefit from growth in the future,” emphasized the minister. Because 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”. The following table shows how much more money pensioners will receive as a result of the pension increase in summer 2024.
Pension increase 2024: Table shows how much more money pensioners will receive from July 1st
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 |
In addition to the traffic light's new pension package, there is also criticism of the pension increase in summer 2024
However, there was also a lot of criticism after the new pension package was presented. The economist Martin Werding sees one group in particular as being “most burdened”, while the police union (GDP) is up in arms against Heil’s ideas about having civil servants pay into the pension fund, as is the case with pensions in Austria.
But the pension increase in summer 2024 was not spared from criticism after it was announced. Sahra Wagenknecht, member of the Bundestag, was particularly critical in this context. Despite the unexpectedly high increase, Wagenknecht declared the significant pension increase this year to be “insufficient”. Despite the pension increase in 2024, she pointed to the significant loss of purchasing power in recent years.
Criticism of the pension increase in 2024: Pensioners “have to radically restrict themselves or work at food banks”
“It is a little more than the current inflation, but it is still a disappointment for the 21 million pensioners, because food and energy have become extremely expensive in recent years,” said Wagenknecht to the
German Press Agency
(dpa)
. Berlin.
The BSW boss also described the pension increase as “hardly understandable”. It still lags behind wage developments, even though the purchasing power of wages has been falling for years. This would mean that German pensions would remain well below the European average level. “And more and more old people have to radically limit themselves or work at food banks,” said Wagenknecht. “Debates about pensions supposedly rising too sharply (...) are completely out of place in this situation.”
Payment of the pension increase in summer 2024: Many pensioners do not receive a pension plus at the same time
In addition, for many pensioners the payment of the pension increase in 2024 will arrive later than for others. When the pension increase is paid out in the summer of 2024, not all pensioners will receive the pension increase on July 1st at the same time, as the German pension insurance
confirmed when asked by
wa.de.
Finally, for those pensioners who applied for their old-age pension after April 2004 or will do so in the future, the pension insurance will pay out retroactively for the respective calendar month. This group will not have the pension increase from the pension increase transferred to their account until July 31, 2024. Regardless of whether you receive the highest pension or the lowest pension in Germany.