Social Security pensions will be paid this Monday with increases and new withholdings

Social Security benefits are being paid this Monday, with increases planned for this year of 5% to 6%, according to new IRS withholding tables, according to Trustees.

At stake are pensioners who will receive pensions granted by the Social Security Service until January 1, 2023, as defined in a decree published on December 11 in the Diário da República.

Pensioners of the Caixa Geral de Aposentações (CGA) receive their pension on the 19th, according to the calendar published on the organization’s website.

Pensions are being updated this year using a formula required by law that takes into account inflation (excluding housing) and economic growth.

Pensions granted until January 2023 in an amount equal to or less than €1,018.52 increased by 6%.

In turn, pensions from 1018.52 euros to 3055.56 euros are updated by 5.65%.

Pensions worth more than €3,055.56 increased by 5%.

According to the law, pensions worth more than 6,111.12 euros “are not subject to renewal, except in the cases provided for in Article 102 of Decree-Law No. 187/2007 of May 10 and No. 2 of Article 7 of the Law.” No. 52/2007 dated August 31.”

The pensions, which will be paid this Monday by the Social Security Service, have been processed in accordance with the new IRS withholding tables, an official source from the Ministry of Labour, Solidarity and Social Security told Luse last week.

The IRS withholding tables effective in 2024 were published in Diário da República on December 29. rates in the first five groups and updating group limits by 3%.

Updating pensions according to the legal formula would cost around 2,200 million euros, according to a report accompanying the proposed state budget for 2024 (OE2024), which the government presented to parliament in October.

According to the report, the update covers about 2.7 million retirees.