The Slovenia Times

Pensions going up by 4.4%

Economy

Ljubljana - Pensioners will get 4.4% higher pensions at the end of the month in line with regular annual adjustment with wages and consumer prices. Back rise for January will be paid out as well.

The adjustment will cost the Pension and Disability Insurance Institute (ZPIZ) EUR 268 million at the annual level, said ZPIZ official Andra┼ż Rangus after the council endorsed the rise on Wednesday.

The lowest pension as of 1 January will be EUR 294.78, the guaranteed pension EUR 653.75 and the lowest disability pension EUR 409.70.

Under the pension act, pensions are adjusted once a year of which 60% to the growth in average gross monthly pay in the past year, and 40% to growth in consumer prices.

Average gross monthly pay rose by 6.1% last year and consumer prices rose by an average 1.9%.

Pensions have already been raised once this year, to make up for the lag in pensions when those were frozen during years of austerity. In January those who retired by 2010 benefited form a 3.5% rise, those retiring in 2011 got a 1.7% rise and everyone else a 1.1% rise.

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