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Sociálna Poisťovňa to pay higher pensions as of January

Sociálna Poisťovňa (SP) will pay out higher pensions as of January.

Sociálna Poisťovňa (SP) will pay out higher pensions as of January.

The Ministry of Labour and Social Affairs has accepted a comment by the Finance Ministry that was critical of the original proposal for pension valorization as of January 1. According to it, increased pensions would be paid after March 31 and after February 28 in the following years.

The Finance Ministry said that it was possible to change the referential period for year-on-year monitoring of inflation and average wage so that these statistic indicators be available for the purpose of valorization. The Labour Ministry complied with this comment and instead of increasing pensions according to the year-on-year development of inflation and the average wage for three quarters of the previous year, pensions should be increased according to the year-on-year growth of these two indicators for the first half of the previous year. This change facilitates payment of increased pensions in the first month of the given year. SITA

Compiled by Zuzana Vilikovská from press reports
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