June 25, 2024

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A new wave of retirement journeys – we will reach a record high in 2024 with more than 212,000 retirements – a ceiling of €400 million

A new wave of retirement journeys – we will reach a record high in 2024 with more than 212,000 retirements – a ceiling of €400 million

Exit door to pension they open More and more workers This year, as a result they “dropped” his original forecast The state budget for pension charges that were set last November.

The latest data shows that they will retire around this year Another 30,000 are insured From last year and so will be needed Additional funds worth 400 million euros From the state budget only New pensionsBringing the total funds to nearly $1 billion. Euro (not including the 3% increase this year due to inflation and growth).

New record

2024 will see a new record, with retirements in the first two months showing how… This year EFKA may approach 215,000 departuresAs a result, this year surpassed the record set in 2021, when 212,151 insured people opened the door to checkout.

Service factors Ministry of Labor and Social Security But also from EFKA you see the first months of 2024 “falling” into the system Many other retirement requests than they originally estimated.

According to the secure data, In the first two months of 2024, 35,451 applications were submittedLast year, 29,470 were filed in the first two months. The increase is about 20% and 5,981 additional applications in absolute terms.

About 6,000 plus orders in two months could mean and 36 thousand additional retirement applications this year, even more so when the months that typically have the highest volume of orders and show “where things are going” are March and October. A projection of the same retirement rate on an annual basis “shows” 212,700 applications for this yearWhen they presented:

  • Year 2020: 175,705 retirement applications
  • Year 2021: 212,151 retirement applications
  • Year 2022: 211,133 retirement applications
  • Year 2023: 190,368 retirement applications
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Applications in progress

The order volume of 212,700 orders on an annual basis means an increase of 22,300 orders over last year. So The beginning of the year is dictated by a retirement rush of 22,000 to 36,000 more applications than last year.

If included, no, and The first numbers of March – which is still not entirely safe – which indicates approximately 18,150 departures, and then we get to that 53,600 retirements in 3 months this yearspeed indicates about 214,500 departures for the whole of 2024, a record.

It can be said that companies generate more money, pay more taxes, and therefore pay more pensions, without any problem for the state budget.

Last year, in the first three months, the number of retirees was about 46,000, so we are talking about another 7,600 in the three months and another 30,000 in the year.

A new fund worth 400 million euros

These numbers and the projections that follow, combined with new data from the National Actuarial Service, have financial staff… Review its estimates of pension expendituresaccount An additional €400 million fund for new pensionsIn the Stability programme Submitted by the state to Brussels.

The total new pension fund exceeds €800 million and is approaching €1 billion, with the result that total pension expenditure for 2024 now exceeds €33 billion (from the €32.78 billion that was budgeted).

In the 2024 budget, which was presented to Parliament in November, an increase in pension expenses (main pensions) of €907 million is expected, of which:

  • 430 million due to 3% growth year-on-year
  • 470 million due to the expected increase in the percentage of new pension grants
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Now 470 million It is increased by another 400 million To cover the expenses of the new wave of retirees. The total new pension fund therefore exceeds 800 million and is approaching 1 billion euros, with the result that total pension expenditures for 2024 now exceed 33 billion euros (from 32.96 billion that were budgeted).

The scale balances

What is important for the budget balance is that there is a corresponding flow also on the state budget revenue front, so that there is no “gap.”

As finance officials point out, approximately $700-800 million is the above-mentioned revenue and above-mentioned expenditure on a budget basis.

For example, in the first three months tax revenues exceeded targets by 598 million euros, of which The $451 million came from paying corporate income tax. In other words, it is the tax revenue that came from tackling tax evasion and digital systems – for example. MyData – Cash register interface with POS etc.

It can be said that companies generate more money, pay more taxes, and therefore pay more pensions, without any problem for the state budget.

Why do they leave?

What is the reason for the new aviation wave? The new institutional framework for Working retirees The law providing a zero pension penalty and a 10% deduction from salary seems to motivate more and more people to apply for a pension while continuing to work.

At the same time, we are experiencing the end of the period in which The large generation of so-called baby boomers is retiringwho were born between 1946 and 1964 and now their last nucleus is retiring.

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And no one can rule out the fact that some are “running” to keep up with the changes in age limits, which will not come before 2027 anyway.

In any case, the next few months will be crucial to the trajectory of retirement this year and whether the 2021 record will be broken…

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