Government: Pensioners to Be Given Extra Payment in November as Well

Government: Pensioners to Be Given Extra Payment in November as Well

Bratislava, September 26 (TASR) – Retirees who are entitled to the 13th pension are to be paid such a benefit for the second time this year, but the amount will be reduced in November with a coefficient of 0.7, according to an amendment to the law on the 13th pension that was approved by the Government at its online session on Monday.

The Cabinet is sending the amendment to Parliament with a proposal for a fast-tracked legislative procedure.

“Given the significant increase in the prices of goods and services, the measures taken so far for the recipients of pension benefits were insufficient,” said the Labour Ministry.
The ministry pointed out that pensions were increased by 1.3 percent at the beginning of this year. Subsequently, in July, a 13th pension was paid out early in varying amounts, ranging from €50 to €300.

According to the Labour Ministry, these measures have partially compensated for increases in the prices of goods and services for pension recipients in the first half of this year, when the inflation rate for retired households reached 11.8 percent.

“In addition, significant growth in inflation for pensioner households has continued in the second half of the year, while based on IFP’s [the Financial Policy Institute] macroeconomic forecast from June 2022, a 12.4-percent inflation rate is expected for the said period. In the first eight months of the year consumer prices for pensioner households increased by 12.6 percent year-on-year on average,” said the ministry.

The second payment of the 13th pension under the specified conditions should increase expenditures in the public administration budget by €207.6 million.