Pensions: who will receive an increase of up to 115 euros per month and retroactively up to 8 years

Those pensioners who declared legal employment since 2017 should receive increase in pension to 115 euros per month and retroactive payments for up to 8 years.

We are talking about using the insurance time of thousands of working pensioners (old and new). According to the Ministry of Labor, according to Law 4670/2020, pension increases (for legally working pensioners) are paid upon declaration or continuation of work from 1/1/2017.

The software for the additional increases should have been in place by now, but was delayed because ΕΦΚΑ's priority was issuing hundreds of thousands of pensions. Those pensioners who have declared work since 2017 will receive their due increase for the years of work with retroactive payments for up to 8 years, depending on when they stopped working.

Working time is used to increase the pension, which is calculated based on replacement rates corresponding to working time, starting with the coefficient corresponding to the first year (which is 0.77%) and earnings during the working period.

For example a pensioner before 2016 who worked simultaneously during the last 5 years has the right to an increase in pension with a replacement rate of 3.85% (0.77X5=3.85). If his salary was 1,200 euros, he would receive a pension increase of 92.4 euros per month. If his earnings to receive a pension were 1,500 euros, then the increase in the pension to which he is entitled for 5 years of work will be 115.5 euros. An additional increase in pension, as well as retroactive payments, will be paid from the moment when a working pensioner applies for an increase after ceasing to work. Examples:

1. A pensioner who has been employed since 2017 and interrupted work in 2023 with an average salary of 800 euros is entitled to an increase in pension by 43 euros and a retroactive increase for 2024 in the amount of 516 euros. If he worked for 5 years (for example from 2018 to 2022) with an average monthly salary of 1,100 euros, he is entitled to a pension increase of 42 euros and a retroactive pension increase for 24 months (2023 and 2024) in the amount of 1,008 euros .
2. A pensioner who continued to work as a freelancer from 2017 to 2023, paying an average monthly contribution to the pension sector of 260 euros, is entitled to a pension increase of 70 euros and a retroactive pension for 2024 of 840 euros. If he was employed with an average monthly contribution of 500 euros for one year, then he is entitled to an increase in pension by 20 euros and a retroactive pension for 72 months, from 2019 to 2024, in the amount of 1,440 euros.

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