Pension revaluation 2024, here’s what changes: advance increases in December 2023

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By John

The advance of the adjustment for the calculation of pension equalization has been brought forward to 1 December 2023. This adjustment, equal to 0.8%, is necessary to recover the actual inflation for the year 2022, which was 8.1%. The payment date was confirmed in the final version of the legislative decree accompanying the maneuver launched by the Meloni government.

It is important to note that this date represents a shift of one month from what was indicated in a previous draft, which set the payment with November checks.

Introduction to Revaluation

With the aim of maintaining the purchasing power of pensions and protecting them from inflation, the 2024 budget introduced specific changes. Among these, the advance of the pension revaluation from December 2023 stands out, thus ensuring support for the lowest pensions.

Details of the 2023 Revaluation

The definitive Istat indexation for 2023 is 8.1%, compared to the previous provisional estimate of 7.3%. This determines an adjustment of 0.8%:

Example of 2023 Revaluation:

  • Pension of 1,000 euros:
    • Provisional revaluation: 7.3% = +73 euros
    • Definitive revaluation: 8.1% = +81 euros
    • Adjustment: +8 euros
    • Total: 1,081 euros

Pension revaluation 2024 and adjustments

For 2024, the forecast is that there will be a revaluation based on the new Istat index, which could stand at 6%. Furthermore, the increases resulting from the definitive 2023 revaluation will be added to the 2023 advance adjustment.

Example of 2024 Revaluation:

  • Pension of 1,081 euros (after 2023 revaluation):
    • Expected revaluation 2024: 6% = +64.86 euros
    • Total: 1,145.86 euros

Special and Minimum Adjustments

Pensions with an amount equal to or lower than the INPS minimum payment will see further increases:

  • For 2023: +1.5% (with the exception of those over 75 who will have +6.4%)
  • For 2024: +2.7%

Revaluation of workers’ contributions 2024

Employees will see an increase in social security contributions from January 1, based on indexation of 8.1%.

Conclusions

The pension revaluation for 2024 introduces significant changes, aiming to counteract the negative effects of inflation and ensure that pensions maintain their purchasing power. With the increases brought forward to December 2023, many pensioners will see a significant increase in their pension checks, which will also benefit the economy as a whole.