If you retire this year, one of the questions you will probably ask yourself is whether you will receive your retirement benefit. Christmas extra payment and if you do this, you will perceive it as complete. More than 10 million pensioners are waiting in the bank this month because the long-awaited extra salary will arrive just before Christmas.
Retirement puzzle in 2023
While extra pay is an expected annual tradition for many, not all retirees will receive it in the same way. Social Security shed light on this thorny issue. them retirees Those starting their pension in 2023 may not get the full extra Christmas pay. It all depends on the month you start receiving your pension.
To understand the system better, let’s remember that premium and non-contributory pensions are distributed in 14 installments per year. In addition to the 12 standard monthly payments, retirees look forward to two extra payments, one in summer and the other in November, ideal for holiday expenses.
Extra Christmas payment exceptions in 2023
To clarify, Social Security stated: There are retirees who will not be able to receive their full additional salaries in November. Who is in this situation? Those who started receiving their pension in 2023, those who restarted their retirement, or those who saw their pension suspended or terminated during the year.
Therefore, retirees who start receiving their pension between January 1 and May 31, 2023 will be able to receive their additional wages without any problems. But if they start collecting between June 1 and November 30, they will be paid one-sixth of the extra Christmas salary for each month they retire.
But it’s not all bad news. Despite these nuances, there is a small advantage: Banks often advance the payment date. Although Social Security normally deposits pensions between the 1st and 4th of each month, many banks expect this payment to be made Between the 22nd and 26th of the month. So many pensioners can expect money from their monthly payments, along with the extra Christmas pay, to appear in their accounts between Wednesday 22 November and Monday 27 November.
Although giving extra salary for retirees at the beginning of the year is a long-awaited tradition, 2023 brought some surprises. It is advisable to be informed and prepared for these changes and, most importantly, to understand that these regulations are a reflection of a pension system that is constantly in compliance. The important thing is to follow the updates and plan ahead to fully enjoy these festivities.