On Wednesday, the Minister of Labor said that the government is trying to ensure that pension increases will begin to be paid in January, and that the differential values will restore the amount that was expected in the formula.
“We look forward to that happening as soon as possible,” said the Minister of Labour, Solidarity and Social Security, Ana Mendez Godinho, when asked if the pension update would start paying out to retirees as early as January 2023. He said that the commitment we made and today we have the calculations and projections presented by the National Institute of Statistics, “according to which the government will” adjust the value to be updated in 2023, as a result of the latest inflation figures,” he said.
According to the Minister, from January 2, 2023, pensions of up to 960 euros will be updated by 4.83%, essentially the value that is the difference necessary to meet the exact expected value in the formula [de cálculo]with half board already paid for.
As for pensions between 960 euros and six AIs, the increase will be 4.49%, and for pensions of more than six AIs, the increase will be 3.89%, Ana Mendes Godinho specifies, noting that “the AI itself will receive an update of 8.4% to become 480 euros.” That is, he said, “a pension of 500 euros would increase by about 24 euros.”
The minister affirmed that “there is still no reduction in pensions” and that “a decree will be published with these differential values to correct it, in order to ensure that in total between the two installments, between half of the pension.” [que já foi paga] And this update, which will take place in 2023, guarantees exactly the same value [que] It will give in the application of the formula “.
Ana Mendes Godinho was speaking in Santarem, on the sidelines of the Qualifica Centers meeting, which is taking place at the National Center for Agricultural Fairs and Markets, under the theme “PRR’s Transformative Agenda for Qualifications”.
IAS will be updated by 8.4% in 2023
The Ministry of Social Security reported today that the value of the Social Support Index (IAS) will be updated to 8.4% instead of 8% in 2023, rising to €480.43.
These adjustments, both in the IAS and Pensions Update, are based on inflation data released today by the National Institute of Statistics (INE) which indicates the average inflation for the last 12 months, without housing (which usually serves as a reference for the IAS and Pensions Update) 7.46% in November, an acceleration from 6.83% in the previous month.
The Ministry of Labour, Solidarity and Social Security said in a statement that the IAS index – which is used to differentiate pension updates according to their monthly value – will see “an increase of 8.4% in 2023, from €443.20 to €480.43”.
Initially, the government stated that the IAS would be updated by 8%, after acknowledging that the value would be adjusted if final inflation was higher than expected.
Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
