“Blame” is inflation – why new retirees lose thousands of dollars

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The news caused a stir on Wednesday morning: due to a “side effect” of the high inflation, the existing rules for calculating pensions suddenly have such a negative effect that those affected can lose tens of thousands of euros. These are mainly those who will retire this year or in 2024. We explain the background that affects about 300,000 people.

About 100,000 Austrians retire every year. “But anyone planning to do so this year or in the next two years is threatened with significant losses on their pension,” warns AK expert Wolfgang Panholzl. The cause lies in the sharp rise in inflation, which has a negative effect on the calculation of the pension.

Source: Krone

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