Greek pensioners will see significant increases in their monthly pay cheques as of next month, according to the data processed by EFKA, Greece’s state insurance and pensions body.
Specifically, EFKA said on Thursday these increases will benefit 94.6% of the country’s 2,634,786 pensioners, or 2,499,285 retirees.
Of these nearly 2.5 million pensioners, 1.3 million will see two increases, some 185,649 will receive triple increases, while one in two pensioners will see one extra payout which is equivalent to a month’s full pension. The second and third increases relate to several factors affecting individual pensions, such as the annulment of a solidarity tax.
Differences in pensions will begin to roll out as of December 2022. The across-the-board rise will be implemented as of January 1, 2023. This raise was calculated on a 7.75% increase total, based on the 2022 state budget data.
Any minor deviation in the final percentage pensioners are entitled to will be certified by the Greek National Statistical Agency (ELSTAT) in the fall of 2023, when the final inflation and GDP data for 2022 are published. Such adjustments will be included in pensions as of the start of 2024, along with the corresponding retroactive payments.