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February hikes aren’t for everyone

February hikes aren’t for everyone

Re-evaluation annuities On an inflation basis, it’s down this year for a few weeks for some retirees. In fact, only checks that do not exceed four times the minimum treatment limit, that is, those that amount to 2101.52 euros, will be 100% affected by the amendment from next February. Instead, increases in checks above €2,101.52 have been postponed to March. Indeed, the INPS explained that “in March 2023 it will proceed to base the equation as a percentage on the basis of the annual amount to be paid, as envisaged byArticle 1 Paragraph 309 of the budget law. In March, the arrears relating to January and February 2023 will be paid.”

What is happening and why this delay? Let’s go in order. Pension revaluation typically begins for all checks in January, when the previous year’s payment amounts are updated to the current year’s estimated inflation value. Indeed some retirees did Indeed reevaluation. As stated in a memorandum from the National Institute of Social Security, effective January 1, 2023, the INPS has taken steps to mandate the revaluation of pension and welfare benefits to the extent of 100% for all employees who received payments of, in 2022, retirement premiums of an amount less than or equal to $2,101.52. euros (four times the minimum pension).

The delay for the rest of the retired is due to the fact that he is with another budget law The rules for revaluation of pensions have changed: the time required for approval of the maneuver did not allow the INPS to complete the necessary calculations by the end of the new year. Even in February it was not possible to complete the calculations: for this reason the increases in checks above €2,101.52 have been postponed to March. On the other hand, in December 2022, the INPS reported that “to avoid potential undue payments, the reassessment is based on a limit equal to 100% for all beneficiaries whose cumulative pension amount is included in a limit four times the minimum payment in 2022 (equivalent to 2,101.52 euros).

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The six bands for reassessment and increase of pensions

This year, the full reassessment does not concern all retirees. Only checks that do not exceed four times the minimum treatment, ie those up to €2,101.52, are 100% affected by the adjustment. However, for those receiving higher monthly figures, a decreasing increase is envisaged, based on the six new revaluation brackets introduced by the 2023 maneuver. Those receiving a total pension of €2,626 will receive around €160 extra, and those receiving a pension between figure and 3150 euros will have a revaluation of 53%. Finally, those who take 3,150 euros will find about 120 more euros in their checking account.

Those with a pension between four and five times the minimum would see a revaluation of 85% but not 100%. Those with a check between five and six times the minimum amount will find it revalued by 53%. Checks that are more than six times the minimum amount and equal to or less than eight times the minimum amount will be revalued by 47%. It drops to 37% for pensions between eight and ten times the minimum. The last category, at 32%, is those envisaged for the revaluation of pension checks that exceed the minimum tenfold. The new pension revaluation scheme introduced by Gambit 2023 is not progressive, it is not by bands as with Irpef (where there is a different rate for each ‘part’ of income), but by band, so a unique rate is applied to the total amount . Here is a breakdown of the six brackets:

  • Total checks up to €2,102.52: 100% revaluation (7.3% increase);
  • Total checks up to € 2,696.90: 85% revaluation (6.2% increase);
  • Total checks up to €3,152: 53% revaluation (3.8% increase);
  • Total checks up to €4,200: 47% revaluation (3.4% increase);
  • Total checks up to €5,250: 37% revaluation (2.7% increase);
  • Total checks over €5,250: 32% revaluation (2.3% increase).

For all brackets, except for the first category who actually managed to take advantage of the increases in January, the month’s arrears or missing months will also be repaid. Here are some rough examples of overall pension increases:

  • Pensions between €1,000 in total and €1,500 in aggregate: an increase of €73 in aggregate;
  • Pensions between €1,500 and a total of €2,000: an increase of €109.5;
  • Pensions from a total of €2,000 to a total of €2,500: an increase of €146;
  • Pensions from €2,500 to €3,000 in total: an increase of €155;
  • Pensions from €3,000 in total to €4,000 in total: an increase of €117;
  • Pensions from €4,000 in total to €5,000 in total: an increase of €136;
  • Pensions from a total of €5,000 to €6,000: an increase of €135;
  • Pensions totaling more than €6,000: an increase from €138.