The Ministry of Social Affairs sent a proposal for consultation today, according to which the average old-age pension will increase from 700 euros to 774 euros on April 1 this year. The value of the national pension index is confirmed to be 1.106, so pensions and the daily rate of labor allowance will increase by an average of 10.6%.
According to the Minister of Social Protection, Signe Riisalo, last year’s pension increase was the largest in the last 15 years, and this year’s average pension increase from 700 to 774 euros following indexation will also support our seniors in coping with changing circumstances. “When indexing, the basic part of the pension also increases, as a result of which the livelihood of the recipients of a small pension improves, whom we would like to focus on more broadly in the future.â€
The amount of the national pension is 372.05 euros following indexation. The amount of the basic part of the pension will be 354.98 euros and the annual rate will be 9.512 euros. Pensions recalculated according to the 2024 index will be paid from April. Indexation of pensions costs the state 212,327,000 euros this year. Pensions are indexed for 325,000 pensioners.
To keep pensions in balance with changes in wages and prices, pensions are recalculated every spring. After the index is approved, the Social Insurance Board calculates all state pensions with the new values. From April 1, a person can check his new pension amount on the state portal eesti.ee. Additional information can also be obtained by calling the customer service of the Social Insurance Board at 612 1360.
The old-age pension consists of a basic part, a seniority part (the size of which is equal to the product of the number of years of pensionable legal service and the annual value) and an insurance part (the size of which is equal to the product of the sum of insurance shares and the product of the annual value) and a joint part, the size of which is equal to the sum of half the insurance shares and half of the solidarity shares and the product of the annual value.
In addition to the pension, the daily rate of the labor allowance will also be recalculated: from April 1, it will be 20.57 euros, and in case of absent labor, the amount of the allowance will be on average 617.15 euros per month. In case of partial employment, the employment allowance is calculated at 57% of the daily rate, and the average amount of employment allowance in case of partial employment is 351.77 euros on average. The indexation of employment benefits costs the state approx. 36,183,773 euros and the employment allowances of approximately 91,358 people with reduced working capacity are indexed. The amount of unemployment benefit is calculated by the Employment Fund for each calendar month.
The index is also used to index compensation in case of unemployment and occupational diseases.
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2024-02-20 13:06:55
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