The payment dates follow the rule of separation between employees and non-employees and are structured as follows:
– On 3/26/2024, Tuesday, the pensions of the former Self-Employed Funds (OGA, OAEE and ETAA) and OPS-EFKA pensions will be paid for those retired from 1/1/2017 onwards (law 4387/ 2016) and all supplementary private sector pensions (self-employed and salaried).
– On 3/28/2024, Wednesday, the pensions of the former Employee Funds (IKA-ETAM, banks, OTE, PPC, OTHER ASSETS (TSEAPGSO, TSP-ISAP), NAT, ETAT, ETAP-MME) will be paid and the main and auxiliary pensions of the State.
EFKA owes retrospectively more than 17,000 euros to thousands of pensioners who are still receiving the pensions of the Katrougalou law without their recalculation having been completed with the improved replacement rates over the 30 years of insurance introduced by the Vroutsis law (n .4670/2020).
Those who retired with 35 to 40 years and with salaries above 2,500 euros are entitled to the most retroactive benefits.
According to the tables edited and published by the “Insurance and Pensions” insert, the retroactive recalculation of the main pensions for those who retired with 40 years and salaries of 3,000 euros reach 17,424 euros. While for those who left with 35 years and salaries of 1,200 euros, the retroactive recalculation amounts to 3,312 euros.
Pending recalculations have not been counted, as the process is continuous and pensioners’ details are checked almost on a monthly basis and corrections are made where omissions are found.
However, it is estimated that without recalculation there are about 50,000 main pensions, which mainly include the new pensioners after the Katrougalou law (from 13/5/2016) with more than 30 years of insurance.
EFKA is already proceeding with retroactive payments per group of pensioners, paying 5 to 7 years dues.
At the end of March, retroactive payments are paid to 6,000 pensioners of the former Olympiaki, earlier the recalculations of 1,000 old ISAP pensioners were completed, while retroactive payments to approximately 10,000 retired bankers follow in April or May.
At the same time, new payments are being prepared to pensioners who for various reasons were left out of the recalculation.
The most difficult cases are those of pensions with parallel insurance as in some funds (e.g. TSAU) there is no accurate data on insurance periods and therefore the recalculations are delayed because each case is investigated separately.
Even more difficult are the recalculations pending for widow’s pensions from parallel insurance, as in these cases no notices are issued by certain bodies (e.g. TSAUS) showing widows how the amount they receive from the deceased’s pension was calculated wife.
The pending recalculations also include pensioners from the IKA, OAEE or the State who have not received the increases they are entitled to from the improved replacement rates after 30 years of insurance.
These are pensioners with consecutive and parallel insurance as well as pensioners who worked and continue to work after retirement.
caution: The recalculations of the new pensions are made to those who left with 30 years of insurance and more from 13/5/2016 until 30/9/2019, while for the older pensions they concern those who left with more than 30 years until 12/5/ 2026. The difference is that the new pensioners get the increase resulting from the recalculation of the pension, while the old ones will get an increase if the new recalculated pension comes out higher than the pension obtained by the first recalculation made with the Karugalou law. Old pensioners who still receive a personal difference after the recalculation and after the two increases given to pensions by 7.75% in 2023 and by 3% in 2024 do not have an increase.
Retrospectives for those who receive a pension increase start from October 2019. For new pensioners, most of the pending recalculations concern retirements of the years 2018 and 2019, while the recalculations of old pensioners are mainly pending for pensions with parallel insurance.
In the pending recalculations, a new chapter is opened regarding the supplementary and the 0.075% surcharge that EFKA has not paid to thousands of bank retirees. They also come retroactively for public benefits in which the time of consecutive insurance has not been included.
According to the table published by the insert “Insurance and Pensions:
*A 37-year-old pensioner who retired in March 2018 with a pensionable salary of 1,890 euros receives the initial pension which, with the two increases (2023 and 2024), amounted to 1,206 euros gross. From the recalculation, he will have an increase of 108 euros due to the improved replacement rates, while with the increases given, the pension will be 1,315 euros. The retroactive increases will be for 72 months with an amount of 7,776 euros gross.
*A 38-year-old pensioner who retired in March 2019 with a pensionable salary of 2,420 euros receives the initial pension which, with the two increases (2023 and 2024), amounted to 1,474 euros gross. From the recalculation, it will have an increase of 159 euros due to the improved replacement rates, while with the increases given, the pension will be 1,632 euros. The retroactive increases will be for 60 months (2019-2024) with an amount of 9,524 euros gross.
*A 40-year-old pensioner who retired in March 2018 with a pensionable salary of 3,030 euros receives the initial pension, which with the two increases (2023 and 2024) amounted to 1,865 euros gross. From the recalculation, it will have an increase of 242 euros due to the improved replacement rates, while with the increases given, the pension will be 2,108 euros. The retroactive increases will be for 72 months (2018-2024) with an amount of 17,424 euros gross.
Increases and retrospectives are calculated on gross pay and then insurance deductions (Employment and Sickness) and tax are applied.
For example:
1.Gross pension of 1,474 euros is formed (before tax) at 1,344 euros after EAS and sickness deductions. With the recalculation, the new gross pension is 1,632 euros, but after deductions it drops to 1,488 euros. The gross recalculation increase is 159 euros, but after deductions the increase is limited to 144 euros.
2. Received pension of 1,542 euros is formed (before tax) at 1,406 euros after EAS and sickness deductions. With the recalculation, the new gross pension is 1,730 euros, but after deductions it drops to 1,523 euros. The gross recalculation increase is 188 euros, but after deductions the increase is limited to 117 euros. The increase decreases significantly because the EAS deduction from 3% which is for pensions up to 1,700 euros, rises to 6% for pensions above 1,700 euros.
Especially on retrospectives, a tax of 20% is initially imposed, and then with the settlement of the statement, if additional tax arises, this is charged to the settlement statement or if a refund is obtained, the pensioner receives a credit settlement statement. Retrospectives are declared with an amending statement in the year when the pensioner should have received the recalculated pension. For example, a 2018 pensioner, who retroactively has 10,000 euros from the recalculation, should declare them in 2018 because they are income from a pension that he should have received by recalculation from 2018.
THE INCREASE AND RETROSPECTIVE PENSION RE-CALCULATIONS FOR PENSIONERS AFTER LAW 4387/2016
1. Retirement at 35 years
Retirement salary | Pension without recalculation | Pension with recalculation | Increase | 60 Month Retrospective (1) | 72 months retrospective (2) |
1.190 | 873 | 919 | 46 | 2.773 | 3.312 |
1.255 | 897 | 946 | 49 | 2.925 | 3.528 |
1.320 | 921 | 973 | 51 | 3.076 | 3.672 |
1.450 | 970 | 1.027 | 56 | 3.379 | 4.032 |
1.580 | 1.019 | 1.080 | 61 | 3.682 | 4.392 |
1.645 | 1.043 | 1.107 | 64 | 3.834 | 4.608 |
1.815 | 1.107 | 1.178 | 71 | 4.230 | 5.112 |
1.985 | 1.171 | 1.248 | 77 | 4.626 | 5.544 |
2.155 | 1.235 | 1.319 | 84 | 5.023 | 6.048 |
2.325 | 1.299 | 1.389 | 90 | 5.419 | 6.480 |
(1). Retrospective of 60 months with retirement year in 2019. (2) Retrospective of 72 months with retirement year in 2018. Gross pension amounts.
2. Retirement at 37 years
Retirement salary | Pension without recalculation | Pension with recalculation | Increase | 60 Month Retrospective (1) | 72 months retrospective (2) |
1.290 | 959 | 1.033 | 74 | 4.438 | 5.328 |
1.440 | 1.021 | 1.103 | 83 | 4.955 | 5.976 |
1.590 | 1.083 | 1.174 | 91 | 5.471 | 6.552 |
1.740 | 1.145 | 1.244 | 100 | 5.987 | 7.200 |
1.890 | 1.206 | 1.315 | 108 | 6.503 | 7.776 |
2.040 | 1.268 | 1.385 | 117 | 7.019 | 8.424 |
2.190 | 1.330 | 1.456 | 126 | 7.535 | 9.072 |
2.340 | 1.392 | 1.526 | 134 | 8.051 | 9.648 |
2.490 | 1.454 | 1.597 | 143 | 8.567 | 10.296 |
2.640 | 1.516 | 1.667 | 151 | 9.083 | 10.872 |
(1). Retrospective of 60 months with retirement year in 2019. (2) Retrospective of 72 months with retirement year in 2018. Gross pension amounts.
3. Retirement at 38 years
Retirement salary | Pension without recalculation | Pension with recalculation | Increase | 60 Month Retrospective (1) | 72 months retrospective (2) |
1.370 | 1.019 | 1.109 | 90 | 5.392 | 6.480 |
1.520 | 1.084 | 1.184 | 100 | 5.982 | 7.200 |
1.670 | 1.149 | 1.259 | 110 | 6.572 | 7.920 |
1.820 | 1.214 | 1.333 | 119 | 7.162 | 8.568 |
1.970 | 1.279 | 1.408 | 129 | 7.753 | 9.288 |
2.120 | 1.344 | 1.483 | 139 | 8.343 | 10.008 |
2.270 | 1.409 | 1.558 | 149 | 8.933 | 10.728 |
2.420 | 1.474 | 1.632 | 159 | 9.524 | 11.448 |
2.570 | 1.539 | 1.707 | 169 | 10.114 | 12.168 |
2.720 | 1.603 | 1.782 | 178 | 10.704 | 12.816 |
(1). Retrospective of 60 months with retirement year in 2019. (2) Retrospective of 72 months with retirement year in 2018. Gross pension amounts.
4. Retirement at 40 years
Retirement salary | Pension without recalculation | Pension with recalculation | Increase | 60 Month Retrospective (1) | 72 months retrospective (2) |
1.500 | 1.139 | 1.259 | 120 | 7.202 | 8.640 |
1.670 | 1.219 | 1.353 | 134 | 8.018 | 9.648 |
1.840 | 1.300 | 1.447 | 147 | 8.834 | 10584 |
2.010 | 1.381 | 1.542 | 161 | 9.650 | 11.592 |
2.180 | 1.462 | 1.636 | 174 | 10.466 | 12.528 |
2.350 | 1.542 | 1.730 | 188 | 11.283 | 13.536 |
2.520 | 1.623 | 1.825 | 202 | 12.099 | 14.544 |
2.690 | 1704 | 1.919 | 215 | 12.915 | 15..480 |
2.860 | 1.785 | 2.014 | 229 | 13.731 | 16.488 |
3.030 | 1.865 | 2.108 | 242 | 14.547 | 17.424 |
(1). Retrospective of 60 months with retirement year in 2019. (2) Retrospective of 72 months with retirement year in 2018. Gross pension amounts.
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