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The circular with them is in the final stage at the Ministry of Labor and Social Affairs. new pension rates, which is expected to be signed soon.
the new replacement rates introduced by law 4670/2020 will enter into force for the calculation of amounts in new pension applications and for the recalculation of old pensions.
According to a Free Press article, the new replacement rates, which will apply to all those who have an insurance period of 30 years or more, bring pension increases that according to the salary oscillate between 0.85% and 13.5% lead to 1 million retirees.
The tables published by the newspaper include the rates for calculating a contributory pension per month of insurance from 30.1 years to 45 years, while the old corresponding rates for the same years-months of insurance are presented for comparison. .
From the comparison of old and new percentages, it seems that the compensatory pension obtains increases that start from very low, with + 0.2% at 30 years and 1 month, while the increase accelerates as the years increase, and in the 40 years that are the “maximum” of compensation, the new percentages give an increase in the compensatory pension by 16.8%.
However, with the incorporation of the national pension, which remains stable at 384 euros, the final increases in the total pension range between 0.85% and 13.5% depending on salary.
Piexample:
- Insured with a salary of 1,500 euros and 40 years. With the old replacement rate of 42.8%, you would receive a compensatory pension of 642 euros (1,500×42.8% = 642). With the new replacement rate, which is 50.01%, you will have a compensatory pension of 750.15 euros (1,500×50.01% = 750.15). The increase you earn in the contributory pension from the new replacement rate is 108.15 euros (750.15-642 = 108.15), that is, you receive an increase in the contributory pension of 16.85% (108, 15 / 642X100 = 16.85). With the national pension (+384 euros) the old pension would be 1,026 euros (642 + 384 = 1,026) while with the new rate you will have a pension of 1,134.15 euros (750.15 + 384 = 1,134.15). The increase is 108.15 euros, but the percentage is 10.5% because the national pension has been included and remains stable.
Caution: From the example, the pension of a retiree who was 40 years old and whose salary (pensionable salary) was 1,500 euros will be recalculated. If from the first recalculation with law 4387/2016 there is a personal difference equal to 108 euros of the increase you receive now, the entire amount will be transferred to the pension and the personal difference will be eliminated. But if the personal difference is 50 euros, then the increase of 108 euros will be 50 euros to erase the personal difference and the other 58 euros will be a net increase that will be seen in the pocket.
With 5 speeds the new rate increases
The new coefficients for calculating the compensatory pension have 5 speeds of increase, the highest being the one that occurs in the 4th gear:
- From 30 years and 1 month to 33 years the increases that the compensatory pensions will have will range between 0.2% and 5.5%.
- From 33 years and 1 month to 36 years, the increases in contributory pensions range between 5.7% and 12.5%.
- From 36 years and 1 month to 39 years, compensatory pensions have increased from 12.6% to 16.3%.
- From 39 years and 1 month to 40 years, compensatory pensions have increased from 16.4% to 16.85%.
- After 40 years, the performance of the new rates begins to decline. From 40 years and 1 month to 42 years the increase goes from 16.5% to 9%. From 42 years and 1 month to 44 years, the increases are limited to percentages between 8.7% and 2.4%, while from 45 years the pension is advantageous with the old percentages because the yield of the new rates is zero .
The reason the raises are declining after 44 years is to catch the large 40-year raises much more assured. If the rates were raised above 44, the increases would be minimal. In any case, if a 45 or 48-year-old retired elderly person has a negative recalculation, with a decrease instead of an increase, he will stay at the most advantageous amount and will not have any reduction.
- From 30 years and 1 month to 33 years
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2. From 33 years and 1 month to 36 years
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- From 36 years and 1 month to 39 years
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- From 39 years and 1 month to 42 years
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- From 42 years and 1 month to 45 years
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Replacement rates
Old percentage with law 4387/2016 (Katrougalos law)
New percentage with law 4670/2020 (Vroutsi law)
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