Pensions will be increased by 9.7 percent

2023-09-13 11:06:51

The black-green coalition today decided on a pension increase of 9.7 percent for the coming year. The general plus affects the vast majority of the 2.5 million pensioners in Austria (including civil servants). A cap will only be lifted for “luxury pensions”, as Social Minister Johannes Rauch (Greens) and VP club chairman August Wöginger explained after the Council of Ministers. For gross payments of 5,850 euros or more, there is a fixed monthly amount of 568 euros. The wish of the senior citizens’ representatives to prevent an impending loss of value for the coming retirement cohort with a protective clause is also being fulfilled.

Rauch put the cost of the entire package at 5.3 billion euros. The general increase of 9.7 percent does not come as a surprise, as this value corresponds to the inflation from August 2022 to July 2023, which is always the basis for increasing pensions. This also increases the compensation allowance, which brings the minimum pensioners to 1217 euros per month. This year there are 1,110.