Revaluation Coefficients of Annual Remuneration
The Government approved, through Ordinance 169/2021, the numbers of the coefficients to be used to update the annual remunerations figures that serve as the base for the calculation of invalidity and old age pensions of the social security system and retirement and invalidity pensions of the convergent social protection regime.
Considering that the average variation rate over the last 12 months of the Consumer Price Index, excluding housing, in December 2020 was negative (- 0.12%), the annual remuneration revaluation coefficients are not updated, being applied in 2021 the revaluation coefficients of 2020.
Regarding remunerations registered as from 1st of January, the Ordinance updates the revaluation coefficients in 0.38%.
The Ordinance comes into force on 6 August, with retroactive effects as of 1 January, until 31 December.
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[Photo by: Morgan Housel, available at unsplash.com]