Jan 01, 2024

Czech Pensions to Increase by 360 CZK per Month

Czech old-age, disabled, widow’s, widower’s, and orphan pensions will increase by 360 crowns a month for all from January, under a government regulation on regular indexation.

The average old-age monthly pension should be above 20,600 crowns in January, the Labour and Social Affairs Ministry stated previously.

More than 700 billion crowns are expected to flow from the budget to all pensions in 2024.

More than 2.8 million people receive old-age, disability, or survivors’ pensions from the state. Under the law, pensions are regularly indexed in January. So far, they have been increased by price rises and by half the increase in real wages.

As real wages have not risen, the January increase reflects only price rises. According to the price increase, which was 1.3 percent, the average old-age pension should grow by 264 crowns.

However, all pensioners will receive about 100 crowns more. According to the ministry, the solidarity part of pensions must correspond to one-tenth of the average monthly wage, which is expected to be almost 44,000 next year. The fixed part of the pension must thus go from 4,040 to 4,400 crowns. It must therefore rise by 360 crowns.

From January, special pension contributions for World War Two freedom fighters (1939-1945) and their survivors will also increase. These contributions should increase by 5.2 percent. For resistance fighters, the contribution should now be 2,816 crowns instead of the current 2,676 crowns per month, and for survivors to 1,408 instead of 1,338 crowns.

About 7,000 people receive the contribution and the expenditure should amount to about 4.2 million crowns next year. Labour Minister Marian Jurecka (Christian Democrats, KDU-CSL) said earlier that the January indexation would raise pension spending next year by roughly 12.3 billion crowns.

More than 706 billion crowns should go from the state budget to pensions in 2024, which is one-third of all state spending, 32.5 percent. Nearly 664 billion crowns is expected to be collected from pensions.

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