Social Security pensions with 3.57% increase and new withholding tax are paid today

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Pensions paid by Social Security arrive today in the accounts of pensioners, with the value reflecting the interim increase of 3.57% and the new withholding tax regime.

“The interim increase in pensions will be paid, in the case of Social Security, on July 10,” an official source from the Ministry of Labor, Solidarity and Social Security told Lusa, specifying that in relation to pensions from Caixa Geral de Aposentações, this will occur “on July 19.

July is also the month of the vacation pay, and the interim increase of 3.75% will be calculated proportionally.

This interim increase of 3.57% for pensions was announced by the Government in April and will add to the increase recorded in January, allowing the full application of the pension update formula provided by law.

The new update covers disability and old age pensions under the general social security regime and the convergent social protection regime, granted before January 1st, 2023, with the 3.57% increase being calculated based on the pension value in December 2022.

According to the ordinance that details the measure, for pensions equal to or greater than 291.48 euros and less than or equal to 960.86 euros, the increase cannot be less than 9.93 euros.

For pensions worth more than 960.86 euros and equal to or less than 2,882.58 euros, the minimum increase is 34.30 euros.

Pensions over 2,882.58 euros and up to 5,765.16 euros will have an increase of no less than 102.91 euros.

Like old age pensions, survivors’, blood price and other pensions are also updated by 3.57%.

In addition, the amount of pension that arrives today in the account of Social Security pensioners also reflects the new withholding tax model, which for many pensioners will translate into a reduction in the amount of tax paid monthly.

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