Pensions, May increases: who is entitled to them, how they are calculated
Pensions and increases also arriving for the month of May: with circular number 35 of 3 April 2023, the INPS provided the calculation and payment instructions (which will include arrears) of the increase in pensions equal to or lower than the minimum payment. Increase recognized for each of the monthly payments from January 2023 to December 2024, including the thirteenth monthly payment due.
Pensions, here’s how they work and who is entitled to the May increases
But how much do these increases amount to?? According to what was reconstructed by the online site il Mattina.it, the increase in pensions is temporary and varies depending on age and year. In 2023, the increase is 1.5% for most retirees, but rises to 6.4% for those age seventy-five or older. In 2024, the increase is 2.7%. This increase applies only if the total monthly pension is equal to or lower than the INPS minimum pension. If the pension exceeds this figure but is less than the increased amount, the increase is still granted up to the increased limit.
When reevaluating pensions in 2023 and 2024, only the net pension benefit is considered without the temporary increase. The increase applies to the gross total of the pension, provided that it is equal to or lower than the INPS minimum pension. This includes pension payments subject to IRPEF, registered in the Central Pension Register and paid by bodies other than INPS which are subject to the cumulative adjustment system, or paid by INPS. Non-taxable benefits (such as the social increase or the fourteenth month’s salary), welfare, optional or accompanying benefits are not included in the calculation of the increase.
To calculate the increment, we start from the total gross monthly amount of the interested party’s pensions. The increase is therefore applied both to pensions integrated at the minimum, even partially, and to non-integrated pensions whose amount is equal to or lower than the INPS minimum. For example, for a pension of 563.74 euros, the increase is 1.50% if you are under 75 years old, therefore it becomes 572.20 euros, while for those over 75 it is 6.40%, therefore it becomes 599.82 euros. These amounts are the limits for obtaining the benefit in 2023. The adjustment based on the final index will be applied in 2024. The amounts for 2024 will be determined during the pension renewal of that year.