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Government will deliver a new $70,000 bonus to retirees in July

Government will deliver a new ,000 bonus to retirees in July
Government will deliver a new ,000 bonus to retirees in July

Starting this month, retirees will begin receiving their pensions tied to inflation. This bonus is added to the 4.2% inflation in May and will leave the minimum pension at $285,600.

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As Ámbito announced, the Government will grant a extraordinary bonus for retirees and pensioners for a maximum amount of $70,000 which will be paid in the month of July.

According to him Decree 552/2024 published this Monday in the Official Gazette, this is added to the 4.2% increase (May inflation) that is already set by the National Social Security Administration (ANSES).

In this way, the Minimum wages will increase from $206,931 to $215,600, plus the $70,000 bonus resulting in $285,600. The maximum asset will rise from $1,392,450 to a figure close to $1,450,900This adjustment will affect all income from the general system and non-contributory benefits, such as the Universal Pension for the Elderly (PUAM), which is equivalent to 80% of the minimum income.

Why was it decided to pay a bonus for retirees?

In one part of the document, the Government mentions the Change in the retirement mobility formula starting this month, “provisioning the monthly update of pension assets in accordance with the variations of the General Level of the National Consumer Price Index, published by the NATIONAL INSTITUTE OF STATISTICS AND CENSUS (INDEC)“. In that sense, it indicates that the objective is “with the purpose of maintaining the purchasing power of the pension benefits of older adults, thus preventing them from continuing to lose their purchasing capacity.”

During the first seven months of the year, Pension benefits (excluding bonuses and additional benefits) will have experienced an accumulated increase of 104%. In March, the increase was 27.18% due to the formula established by law 27,609, in force since 2021. As of April, the changes introduced by decree began to be applied: that month, salaries increased by 27.4% , in May 11.01%, and in June 8.83%. Since April, the increases have been made monthly and are adjusted for inflation, in addition to including an additional 12.5% ​​as an “extraordinary increase.”

Bonus for retirees: important clarification

In the decree published this morning in the Official Gazette, the Government established that for those holders who, due to the sum of all their current benefits, receive an amount greater than the guaranteed minimum pension, The maximum bonus amount will be equal to the amount necessary to reach the limit resulting from the sum of said minimum amount plus the maximum amount of the bonus in question.

The assistance granted by this decree “It will be non-remunerative and will not be subject to any discount or computable for any other concept.”

How much will retirees receive in June 2024?

  • Minimum credit: $215,600 (without bonus) / $285,600 (with $70,000 bonus)
  • Universal Pension for the Elderly (PUAM): $172,480 (equivalent to 80% of the minimum salary)
  • Maximum credit: $1,450,900

Source: Ambito

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