Those receiving a pension usually collect their regular monthly payments from social security, with additional sums arriving in June and November as extra allowances.
Recent reforms have led to an 8.5% increase in pension payments. Retirees will see a boost this June, and many will be able to enjoy extra income again in 2023. The enhanced payments are expected to be issued starting June 25, and the exact date can vary by bank.
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Bonus increase in 2023
The annual bonus is a statutory entitlement that employers are required to provide twice per year. Overpayments are governed by Article 31 of the Labor Law. In addition to workers, pensioners can also benefit from these supplementary payments, which arrive at the start of summer and again with the New Year.
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Extra payments match the amount of a regular monthly pension. In practical terms, a retiree receiving €1,100 in June would get an additional €1,100, totaling €2,200 for the month.
The same pattern applies in November, when the extra Christmas payout is due. It should be noted that not all retirees benefit from these additional payments because the sums are distributed proportionally based on individual pension plans.
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The average pension has risen overall, with an incremental increase across the board. In June, the typical pension is expected to rise by roughly €116, bringing the average to about €232 more than the previous year. When combined with the summer bonus, the typical June total can approach around €2,700, though the exact figure depends on the standard amount of each pension.