Based on the inflation figures from July, the automatic pension increase for this year is now also fixed. With the recent massive rise in inflation, it will also be quite strong. As Statistics Austria has calculated, it will likely be 5.8 percent. Politicians can of course also decide on higher grants, and the representatives of pensioners also demand this. Finance Minister Magnus Brunner (ÖVP) told the APA that social differentiation should be reintroduced.
The legal adjustment factor for 2023 is derived from the average inflation values from August 2021 to July 2022. Now that the inflation rate for July (9.3 percent) is available, Statistics Austria calculated on Thursday, as expected, a reference value for the pension adjustment 5.8 per cent.
Brunner for Social Graduation
How high the pension increase will actually be has yet to be negotiated. Treasury Secretary Brunner told the APA that the federal government would “be more relieved of the burden of those particularly affected by inflation”.
“People who have worked hard all their lives will not be disappointed. These are mainly recipients of small pensions.” As in previous years, there will probably be social differentiation.
increase in the coming weeks
The federal government has already taken many measures against inflation throughout the year, Brunner emphasized, such as a total of 600 euros in living costs and a one-off payment for retirees. “We are now going to hold talks in the coalition and present a model for the pension increase in the coming weeks,” said Brunner.
As with all anti-inflation measures, it is important “that they be socially correct”, so the aim is “to relieve those who need it most urgently”.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
