Budget 2019: Pension increase, new incentive for elderly government employees
For a fourth year an increase was announced in pension, with a €2.17 increase will be given next year to all social security pensioners, apart from the cost of living increase. In all, these pensioners will benefit from a €4.50 weekly increase.
As a result of the increase, the nontaxable maximum income of pensions will rise to €13,343.
Service Pensioners will again have another €200 exempted in the assessment of the social security pension so that the exempted sum has now risen to €2,466. Furthermore, those 72 years old and over will have 75% of the service pension ignored, and not half of it. It is therefore estimated that with this measure these pensioners will benefit from a €11 weekly increase.
The €300 grant to elderly persons over 75 years of age, living at their homes, will again be given while a €50 increase will be granted in the bonus to those who have not paid enough pension contributions.
After the introduction, three years ago, of the incentive to those who reached retirement age and chose to continue working, this will now be gradually spread also to civil servants by an increase in their pension when they reach 65 years of age.
New Government saving bonds will also be issued again for elderly persons, while incentives will be improved for those who invest in a private pension.