At 427 euros national pension

The increases for pensioners from the start of the new year will adjust the National Pension, as well as a series of associated benefits and supports.

As is the case until 2024, increases for pensioners are capped at 50% of inflation, plus half of GDP (economic growth). From 2025 onwards, retirees will receive full inflation and their earnings will not be affected by GDP growth.

According to the Bank of Greece’s forecasts this year, economic growth (increase in GDP) will be 2.2% and official inflation will be 4.3%. Therefore, pension increases will be (at most) 3.2% as of 1/1/2024 (2.2%+4.3%=6.5%:2=3.15%). Both in the total amount of salaries and in individual departments.

In this sense, since pension increases from 2025 onwards will be shaped by the level of inflation alone, next year pensioners will receive even larger increases, although official inflation, barring any unforeseen circumstances, is expected to be limited to 3.8%. In 2024 (from 4.3% this year).

Therefore, the national pension for 20 years of insurance and 40 years of residence in Greece, which was €413.76 this year, will reach €427 in the new year.

Accordingly, the national pension for 15 years of insurance will amount to €383.63.

As a result of this adjustment, we will have corresponding increases in a number of other benefits and supports:

• The pension for uninsured elderly people (age 67 and with an individual income of less than 4,340 euros or 8,640 family income) will reach 400 euros per month.
• In return, the minimum widow’s pension will rise to 400 euros.
• Due to the calculated increase in the national pension, the minimum pension due to a work accident or occupational disease is expected to rise from €827.52, to €854 in 2024.

Of course, due to the so-called “personal difference”, approximately 900 thousand pensioners will not receive an increase in the new year. Of the approximately 750,000 people with a personal difference of more than 10 euros, they will receive one-time assistance at Christmas as follows:

• €200 for a pension of up to €700
• €150 for earnings from €701 to €1,100
• 100 wide for profits from 1101 to 1600 euros

No assistance is provided for larger amounts of pension, as well as if the personal difference is limited to less than 10 euros.