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The increase in the minimum living allowance also affected the compulsory deductions for pensions, which the Social Insurance Corporation (SP) reduced in July. This change affected more than 19,000 pensioners, whose pensions increased after the reduction in compulsory deductions. SP spokesman Martin Kontúr informed on Tuesday.
As of July 1, the living wage has increased from €268.88 to €273.99. “Increasing the minimum living standard will increase the minimum living standard that recipients must have left after pension deductions. Therefore, the social insurance agency has reduced the pension execution deductions for those pension recipients.” Contur said.
He noted that the increase in the minimum amount that pensioners must have left after deductions could also lead to an end to the implementation of administrative deductions for pensions, which is when pensions fall below the minimum limit.
The SP notifies pensioners in writing about the reduction in compulsory deductions. The report also includes the expected end date for compulsory deductions from pensions.
“Since the compulsory deduction of the new amount has been made in July 2024, no additional deduction amount has been paid to pensioners during the August payment period in previous years.” The spokesperson concluded.
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