Two million pensioners will have an additional increase in August
The Portuguese government approved the extraordinary update on pensions in August. It will comprehend around two million retirees. The total cost will be around 13 millions this year.
Around two million pensioners will benefit from the extraordinary update in pensions, to be performed this August, which will cost the State an additional 190 million euros per year. These numbers were disclosed by Vieira da Silva, the Labor and Social Security minister, in a press conference following the Council in which the decree-law regulating this extraordinary update was approved.
All retirees with lower pensions are included in this extraordinary revision. Those who already had their pensions updated between 2011 and 2015 will have a six euros’ increase, while the pensions in the next category will have a ten euros’ increase starting in August. These extraordinary amounts will start being paid in August along with the pension.
The Portuguese State will spend 13 million euros in August because of the 1,994,990 pensioners included in the increase. Overall, the final cost of this measure in 2017 will be 83 million euros, “close to what was estimated”, Vieira da Silva Stated. The yearly expense will increase to 190 million euros from 2018 onward.
The increase comprehends those who receive a pension which is equal or 1.5 times lower than the amount of the Social Support Index (IAS), equivalent to 631.98 euros.
