Throughout 2024, Italian retirees can expect significant improvements in their pension incomes thanks to the implementation of two crucial measures: the adjustment of pension amounts tied to inflation and the reform of Irpef tax brackets, a key component of the upcoming budget law.
Pension Adjustment 2024: Figures and Dates
January 1, 2024, will mark the beginning of a crucial phase of pension adjustment. The decree signed by the Minister of Economy Giorgetti and the Minister of Labor Calderone predicts a 5.4% adjustment to inflation. The full adjustment will be applied to pensions equal to or less than 4 times the minimum (€2,272.96). For higher pensions, the percentage increase will be gradual.
To make the effects more tangible, let’s consider the numbers. A gross pension of €1,000 will experience a monthly increase of €54, while for a €2,000 pension, the increment will be €108 per month. INPS has already announced that the increases will be disbursed starting from January 3, with no anticipated delays.
Irpef Reform in Approval
Simultaneously, another significant contribution to the pension increase comes from the reform of Irpef tax brackets, currently under legislative approval. The proposal envisions a transition from 4 to 3 tax brackets, providing a maximum tax benefit of €260 per year.
The details of the tax impact are intriguing. Those with an income of €25,000 will gain a tax benefit of €200 annually, while for incomes exceeding €28,000, the benefit will rise to €260. However, individuals with a total income surpassing €50,000 will see a linear cut in deductions of €260, neutralizing the effects of the reform. On the other hand, workers with incomes below €15,000 may benefit from an increase in deductions for work-related income, from €1,880 to €1,955.
January 2024 Pension Payments: Unique Date
Turning to practical matters, the first pension payment in 2024 is scheduled for January 3, a unique day for INPS accreditation through Poste Italiane and banks. Cash withdrawals from post offices follow an alphabetical calendar established by each individual office.
In the communication regarding the January 2024 pay slip, INPS has not indicated any delays in the disbursement of increases, unlike the previous year for treatments exceeding 4 times the minimum. Unless there are last-minute surprises, the increases will take effect from next month for all pensioners, ushering in a promising year.
In conclusion, 2024 is shaping up to be a period of anticipated improvements for Italian retirees. The double increase, stemming from the adjustment of pension amounts and the Irpef reform, will not only materialize from next month but promises to have a lasting positive impact on the finances of the beneficiaries.