From January 2023, the average pension will be CZK 19,500

The average old-age pension should rise by CZK 825 from January. All pensions will increase by CZK 140, according to the Ministry of Labour and Social Affairs proposal.

In addition, the merit part will increase by 5.1 percent. Some pensions will also rise by CZK 500, a bonus for a child raised. The average old-age pension should thus amount to CZK 19,500.

“It is estimated that in 2023, the real value of the average independently paid old-age pension will increase by 7.1 percentage points through pension indexation,” the ministry said in its explanatory memorandum.

The explanatory memorandum states that “as a result of the extraordinary indexation in September 2022 and the so-called education bonus in January 2023, the average pension paid out independently in January 2023 will be approximately CZK 19,500, according to the latest estimates.”

According to the proposal, the average pension will be 45.9 percent concerning the average wage. At the end of June, the Czech Social Security Administration paid old-age, invalidity, and survivors’ pensions to more than 2.84 million people. Of these, over 2.36 million were old-age pensioners.

Source

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