INPS: in 2024 the minimum pension rises to 614.77 euros

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By John

From 2024 the minimum pension will rise to 614.77 euros for all pensioners. The INPS explains this in a circular illustrating the renewal of pensions for 2024. This amount is set by the exceptional revaluation of pensions up to the INPS minimum (which has risen to 598.61 euros) provided for by the 2023 budget law.

Therefore, INPS specifies, at the same time as the check revaluation operations, a further increase of 2.7% was recognised.

In the circular, INPS also indicates the updated amounts from the 2024 provisional revaluation, at the ISTAT rate of 5.4%:

  • 100% for pensions up to four times the minimum salary,
  • 85% for those between four and five times the minimum,
  • 53% between five and six times the minimum,
  • 47% between six and eight times the minimum,
  • 37% between eight and 10 times the minimum
  • and 22% above 10 times the minimum threshold.

The indication comes from the INPS which with a circular clarifies the increases that will be paid starting from January for all pension incomes with those up to four times the minimum payment (2,271.76 euros per month from 2024) which recover 100 % of inflation or 5.4%.

The INPS reminds you that between four and five times the minimum payment, 85% of the inflation is recovered (i.e. 4.59% instead of 5.4%) and then decreases as the amount increases up to pension incomes that exceed 10 times the minimum payment (from 5,679.41 euros per month) which recover only 22 % of inflation and therefore recorded increases of 1.188%.

The circular on the renewal of pensions, welfare benefits and retirement benefits for 2024 reminds us of the minimum amount of social pensions for 2024 (440.42 euros per month, 5,725.46 in a year) and of social allowances (which replaced the social pension starting from the end of the 1990s) and will amount to 534.41 per month this year. These two welfare treatments also had a provisional increase in 2024 of 5.4%.

The amount for the minimum pension treatment for employees and self-employed workers in 2024 is 598.61 euros per month for 13 months (7,781.93 euros in one year) and on this basis the right to inflation recovery quotas is calculated but also the maximum allowance with which one can retire with Quota 103 (62 years of age and 41 of contributions plus a seven-month window in the private sector , 9 in the public) until the age requirements are reached.

The maximum check for leaving early is 2,394.44 euros, or a check equal to four times the minimum plus the guarantee band. From this year the social allowance will increase from 2.8 to 3 times (therefore reaching 1,603.23 euros), the minimum amount that must be accrued for people who are entirely in the contributory calculation who wish to retire early compared to old age (67 this year).

However, it remains at 2.8 for women with one child and drops to 2.6 with two children. Instead, you will be able to retire at age 67 having accrued at least 534.41 euros, while until 2023 it was necessary to have accrued at least one and a half times the amount.