Extra Christmas pay for pensioners will arrive soon, with payments expected this November. This additional allowance, alongside adjustments to pensions aligned with the Consumer Price Index, means many retirees may see a meaningful boost in their monthly deposits. Those with higher pensions or the capacity to earn more stand to gain the most, making December expenses a little easier with a sizable gross sum, such as 6,000 euros in some cases.
The pension increase will also reflect the CPI movement through 2023, with higher percentages for premium recipients and notable increases for non-premium groups. Those who receive the maximum Social Security benefits are often the most likely to be among the recipients of the larger annual totals, which can reach around €6,118 gross in a given month when the extra Christmas payment is included. It is important to note that this total is subject to tax withholdings. The calculation usually combines the standard monthly amount with the extra payment, recognizing that contributory pensions are paid in fourteen installments per year.
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Extra pay: Who benefits the most?
Eligible categories include permanent disability pensions, widow and orphan pensions, benefits for family members, and maximum beneficiaries. Retirees who receive their pension in fourteen installments per year often enjoy the most advantage from the year-end extra income. Conversely, retirees who opt for twelve equal installments may not see the same level of benefit from the extra amount.
Attention pensioners: Christmas 2023 extra payment may not match expectations
In general terms, the maximum annual pension can reach 42,822 euros, with an average around 19,281.08 euros per year, or about 1,377.22 euros monthly when paid in fourteen installments. There is a clear disparity, as only a minority qualify for the maximum pension. In practice, a total of 463,657 retirees met the contributions criteria necessary to enter Social Security’s select group.
A national allocation of about 190 billion 687 million euros was set aside this year to fund pensions. The number of retirees continues to grow, driven in part by longer life expectancy. Beginning in 2024, the legal age to retire is slated to rise to 67 as part of a broader pension reform championed by the government. The changes are set to take effect next year.
Good news for retirees: Be mindful with banks starting today
When will the additional salary be received?
The Christmas extra is associated with December income, but many banks advance the payment to the last days of November. Typically, payments arrive on the 25th of each month, but if that date falls on a weekend, some organizations may disburse on the preceding Friday or the following Monday. Beginning Monday the 27th, retirees should check their account details to confirm the exact day the funds will appear, as the timing can vary by institution.