Pension hikes set to reach 7.5% in 2023

Millions of pensioners will get a raise of up to 7.5% in their monthly payments next year, while the minimum salary is set for a third increase in the first half of 2023, Finance Minister Christos Staikouras stated on Skai TV on Saturday.

“I estimate that pension increases will be around 7.5%. The raises result from the sum of growth and inflation,” he explained, adding that “the ministry’s GDP estimates will be a bit more conservative than the [European] Commission’s. Inflation will move toward 10%, therefore, a [calculation] result of around 7.5% emerges” for pensions.

The pension increases will go to 2.3 million people, of whom the vast majority are on low incomes, the minister stressed. They received more than €900 million in total during the year, he added.

He repeated that the government has “abolished the solidarity levy for civil servants and pensioners, which is a permanent measure. Over 1 million pensioners will get an inflation benefit this year, and a larger proportion of pensioners will have a permanent increase in the region of 7.5% while we also have the abolition of the solidarity levy for 500,000 pensioners. These are brave, permanent interventions for pensioners,” Staikouras emphasized.