The Department of Social Insurance Services announce that according to the Social Insurance Laws of 2010, starting from January 2024, the following will be in effect:
(1) The maximum limit of insured earnings will increase from the contribution month of January 2024 to €1,209 per week and €5,239 per month.
(2) The taxable incomes of self-employed individuals, on which social security contributions are calculated, will increase by 4.73% from January 1, 2024.
(3) Regarding the amount of pensions from the Social Insurance Fund, according to legislation, the percentage increase calculated for both the basic and supplementary parts of pensions must be combined with the 0.8% increase granted after January 1, 2023, according to relevant legislation amendment. Therefore, Social Security pensions will increase from January 1, 2024:
(a) in the basic part by 3.89%. Thus, the monthly amount of the full basic pension increases to €483.77 and the minimum pension to €411.20 per month, for beneficiaries without dependents.
(b) in the supplementary part by 1.68%.
(4) The amount of maternity and funeral benefits will be determined as €628.92 and €586.99 respectively, starting from January 1, 2024.
Furthermore, based on the legislation regarding the Granting of Social Pension, starting from January 1, 2024, the amount of social pension will increase to €391.85 per month.
