Many more pensioners are harmed because of the pension ceiling, according to the data of the Norwegian National Institute of Social Sciences at the end of last year. As of December 31, 2023, 2,080 pensioners with first pensions receive a pension in an amount limited to the maximum, as of 990 people for the previous year 2022.
The average pension of a pensioner for 2023, including additional amounts and other types of supplements to pensions, is BGN 784.48 (compared to BGN 674.54 in 2022), and the data are before the increase from July 1 of this year.
In a year it grew by 16.3 percent, but its real growth, if we deduct the inflation of 8.6% in a year, is only 7.1 percent. 930,536 pensioners or 45.7% of all 2,037,336 pensioners in our country live on the minimum pension, writes Pariteni.bg. Their share remained almost unchanged, and in 2022 it was 45.9%.
There are more pensioners in our country than men, with the ratio between the two sexes being 59.5% women and 40.5% men, and their absolute numbers are 1,212,146 and 825,190, respectively. There are 1,127,435 women with personal pensions (58, 4%) and 802,455 men (41.6%). Of those receiving inheritance pensions, the share of women (78.8%) is significantly higher than that of men (21.2%), which is due to the lower required retirement age for women and their higher life expectancy .
As of December 31, 2023, 2,080 pensioners with first pensions receive a pension in an amount limited to the maximum (compared to 990 for 2022).
The income replacement rate is the ratio of the average pension of a pensioner to the average insurance income. For 2023, the gross income replacement rate is 54.3% (at 51.9% for 2022).
The net income replacement rate, calculated by the ratio of the average monthly amount of a pensioner’s pension and the average net insurance income (without the mandatory deductions on wages) is 69.9%. For comparison, the value of the coefficient in 2022 is 66.9%.
The additional comparison is made in view of the fact that pensions are tax-free and should also be related to net labor income. The significantly higher values of the gross and net coefficient compared to the previous year are due to the higher growth of the average pension compared to that of the average insurance income in 2022.
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