Pensions 2024, revaluation and expected increases: here is all the news from Quota 104

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By John

Pensions 2024, revaluation and expected increases: here are all the news.

The budget law reduces to a minimum the channels for retirement in advance of the old age age (67 years), inserting penalties for those who decide to leave work anyway. But it gives those who do not reach a pension amount of at least 1.5 times the social security check the possibility of retiring at 67 without waiting for the 71 expected today.

Here is a summary of the measures for retirement from next year unless new corrective measures are introduced –

REVALUATION

Compared to inflation, with the rate set at 5.4%, in 2024 it will mean increases of up to 122 euros for checks up to four times the minimum, those for which the full recovery of the increase in prices is expected, i.e. those up to 2,272.96 euros gross. In fact, at the moment the minimum treatment for 2023 is set at 563.74 euros, but to this must be added the 0.8% difference between the inflation recovered in 2023 (7.3%) and the actual inflation recorded in 2022 (8 ,1%). Those with pension incomes between 2,272.96 euros (four times the minimum) and 2,841.2 euros per month (five times the minimum) get a recovery of 4.59% (85% of 5.4%) therefore a maximum of 130.41 euros. Those with incomes between five and six times the minimum (3,409.44 euros) are entitled to a recovery of 53% and therefore have an increase of 2.862% equal to a maximum of 97.57 euros. Those with pensions up to eight times the minimum (4,545.92 euros per month) are entitled to a recovery of 47% of inflation, therefore to 2.538 for an increase in the pay slip of a maximum of 115.37 euros.

REDEMPTION IN FAVOR OF DISCONTINUOUS WORKERS

For the two-year period 2024-2025, workers who began paying in 1996 (and are therefore entirely in the contributory regime) can redeem, in whole or in part, periods of contribution gaps up to a maximum of five years, equating them to periods of Work. The payment can be made in a maximum of 120 interest-free monthly installments. Payment in installments is not possible if this payment is used to access the pension.

LOWEST THRESHOLD FOR PENSION AT 67

The budget law cancels the minimum threshold for the amount of the accrued pension of 1.5 times the social allowance, limiting it to the social allowance itself (503 euros), leaving the need to have at least 20 years of paid contributions unchanged. This rule helps those who have had discontinuous careers and low salaries who risked retiring at 71. Instead, the portion of the amount of the allowance accrued for retiring three years before the old age is increased (from 2.8 to 3.3 times the social allowance).

QUOTA 104

You will be able to retire in 2024 with 63 years of age and 41 years of contributions (they are 62 and 41 in 2023) but in addition to the age restriction there is a cut in the amount. By leaving at 63, four years before the age of retirement, you will have a reduction of approximately 4% on the total amount. In fact, there will be a reduction in the salary quota (about a third of the total on average), based on the ratio between the transformation coefficient for the leaving age and that of the old age age, of approximately 12% in the case of four years early. In the case of a pension of 2,500 gross per month, approximately 100 euros would be lost. The exit windows are also lengthening: from three to six months for the private sector and from six to nine months for the public sector. Those born in 1961 who started working at least in 1983 without contribution gaps will be able to leave.

SOCIAL APE AND WOMEN’S OPTION

The age for accessing the benefit that accompanies unemployed, caregivers, disabled people with at least 74% disability and those engaged in heavy work to retirement increases by 5 months, up to 63 years and 5 months. The minimum age for access to the women’s option increases by one year, up to 61, to which a one-year moving window must be added (one and a half years for self-employed women). Women born up to 1963 who have at least 35 years of contributions in 2023 and therefore have started working since at least 1988 will be able to use it by recalculating the entire amount with the contributory method.

ADAPTATION TO LIFE EXPECTANCY FROM 2025

The adjustment to life expectancy for those who retire regardless of age once they reach 42 years and 10 months of contributions (41 and 10 for women) will start in 2025 and not in 2027. The three-month moving window remains.