Raise 7.75% in main pension signed into law, effective as of 1/1/2023

The 7.75% raise in basic pension checks as of January 1, 2023 was signed as a joint ministerial decision (KYA) on Wednesday by Labor & Social Affairs Minister Kostis Hatzidakis and Alternate Finance Minister Theodoros Skylakakis.

The raise had been announced on several occasions by the government, including by the prime minister. It is expected to be published in the Government Gazette shortly, making it official law.

Any differences between the introductory report accompanying the 2023 national budget and the data reported by the Hellenic Statistical Authority will be taken into account in calculations, the government has said. The differences relate to variations in the annual percentage of GDP and in the annual average of the General Consumer Price Index.

The 7.75% raise in basic monthly paychecks will affect 1,724,713 pensioners. Of these, 80%-85% will see an exact raise of 7.75%, while the majority of the rest will see paychecks higher by 7%, depending on individual pension calculations.

Besides the upcoming raise, other changes implemented recently have affected paychecks as follows:

• 912,644 pensioners saw raises because the special solidarity tax was cancelled
• 1,206,624 pensioners received an emergency bonus of 250 euros
• 231,655 pensioners were beneficiaries of the 4th annual increase outlined in the so-called Vroutsis Law insurance adjustments.

The government has said that 94.6% of pensioners will see one, two, or three raises in their monthly checks; over 1.3 million pensioners will see two increases; 1 in 2 pensioners will receive at least an extra pension check; and 83% will also see increases following the cancellation of the special solidarity tax and the bonus of 250 euros.