December 2023 will be a month of (small) increases for retirees. Italians’ pension checks will be slightly higher due to the adjustment of their payments to inflation in 2022 (revaluation of pensions or adjustment of amounts to the cost of living). To this is added the thirteenth, which this year will be a little more important for those with a minimum pension. Not only that, because additional municipal and regional withholdings, which were already postponed in previous months of the year, will not be included in December payrolls. Translation: Pension recipients have a little more money in their pockets. But let’s go in order.
The Advance decree, approved by the Meloni government last October 16, indicated November as the month in which retirees would receive the allowance adjustment advance, which is usually carried out by INPS in January. Ultimately, the date was shifted to December 1, 2023 with the article published in the Official Gazette on October 18. Therefore, next month’s checks will be slightly higher. So, when looked at in detail, how much are these increases? The increase, adjusted for real inflation in 2022, will be 0.8% in the December pension to partially offset the rising inflation of 8.1%. All back issues for 2023 are also expected to be released from January to November. The thirteenth will also be increased by 0.8%.
However, as a result of the budget law approved at the end of 2022, the full revaluation of 100% with the attached adjustment is only guaranteed for those receiving pensions up to 4 times the minimum INPS payment, i.e. equal to 2,101.52 euros gross. on the moon. But as for other groups:
- the revaluation will be 85% for treatments between 4 and 5 times the minimum amount (up to €2,626.90);
- 53% between 5 and 6 times the minimum amount (up to 3,152.28 euros);
- 47% between 6 and 8 times the minimum amount (up to 4203.04 euros);
- 37% between 8 and 10 times the minimum amount (up to 5,253.80 euros);
- 32% above 10 times the INPS minimum (gross EUR 5,254 and above).
A significant change is already planned for this last band from 2024: next year the revaluation will be only 22%.
To this should be added the so-called thirteenth jackpot. Some retirees are entitled to receive the additional amount of 154.94 euros received in addition to the thirteenth month of December, within certain limits and conditions. The additional amount is automatically attributed if it is actually due: this means there is no need to submit a claim. Moreover, since the bonus in question does not constitute income, it is not taxed. The thirteenth bonus is not for everyone. In fact, an economic condition must be met: The amount of the gross annual pension must not exceed the minimum annual payment of the employee pension fund in 2023, which is equal to 7,327.32 euros.
The additional amount is therefore an additional payment to the pension of EUR 154.94, introduced by the 2001 financial law and granted to persons receiving one or more pensions whose sum does not exceed the minimum salary and whose income is below a certain level. conditions. Social assistance treatments (pensions and social allowances, benefits for disabled civilians) are the responsibility of all pension holders paid by INPS, with the exception of pensions of credit institution employees, company executives and non-pension treatments.
How the bonus “works” varies depending on the current income and income limits of oneself and one of the current spouses. However, a partial amount will be paid to those whose income is higher than 7,327.32 euros but in any case lower than 7,482.26 euros, i.e. the minimum annual payment to which the thirteenth bonus applies. But the threshold is not sufficient: the total income subject to Irpef (and therefore not just retirement income) must actually not exceed 1.5 times the annual amount of the minimum payment. Therefore, the threshold that should not be exceeded for 2023 is 10,990.98 Euros. Conditions vary for married retirees. In this case, you will actually be entitled to the thirteenth bonus if two different conditions are met: not exceeding the total personal income, which should not exceed 10,990.98 euros, and not exceeding three times the minimum salary set for 2023. 21,981.96.
When will payments occur? Amounts will be paid via bank transfer via both banks and post offices on Friday, December 1, while cash payments at post offices will end on Tuesday, December 5.
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Source: Today IT
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
