The government has approved a CZK 700 increase in pensions beginning in September

On Wednesday, the cabinet of Prime Minister Petr Fiala (ODS) confirmed an extraordinary valorization of pensions, with seniors receiving an average of CZK 699 more per month. After a cabinet meeting, the Prime Minister and head of the Labour and Social Affairs Ministry, Marian Jurečka (KDU-ČSL), announced this.

“We discussed an extraordinary valorization of pensions due to rising inflation. On average, they will increase again by CZK 699 from September, “the prime minister said.

This will be the third pension valorization this year. They were first adjusted in January during the normal valorization. On average, old-age pensions were increased by CZK 502. All people with pensions received an extra 300 crowns in the merit share on top of the statutory increase.

Due to high inflation, the first extraordinary valorization will be in June. The percentage share of the pension will be adjusted by 8.2 percent. The average old-age pension will rise by CZK 1,017. For the third time, pensions will increase from September, namely by 5.2 percent.

According to the Pension Insurance Act, the extraordinary indexation will take place in the fifth month after the month. The price increase for the period under review exceeds the five percent threshold.