July is the month of the fourteenth. In fact, next month’s payslip will be higher for around 3 million people. However, there is also bad news: the amount of the pension will decrease due to Irpef withholdings, additional taxes (regional and municipal) for 2023, advance payments for 2024 and any possible debt or adjustment. Here’s everything you need to know.
Who is it for?
INPS starts the payments of the fourteenth salary in the months of July and December. Those who receive the measure in summer are those who have completed the necessary requirements, while those who turn 64 between August and December must wait until December. The fourteenth is due to pensioners who have reached the age of 64 and whose income does not exceed double the amount of the treatment minimum expected for employees, i.e. a gross annual income of 15,563.86 euros. The INPS specifies that “pensioners” means those who receive one or more pensions from the compulsory general insurance and from the substitute, exclusive and exemptive forms managed by the public compulsory social security bodies.
How much is
The fourteenth of July 2024 will be 437 euros for employees with 15 years of contributions and for self-employed workers with 18 years of contributions, provided that their income does not exceed 11,672.89 euros.
If your income remains below this theshold:
- for employees with between 15 and 25 years of contributions and for self-employed workers with between 18 and 28 years of contributions, the amount of the fourteenth will be 546 euros;
- for employees with more than 25 years of contributions and for self-employed workers with more than 28 years of contributions, the fourteenth will be 655 euros.
For those with an income exceeding 11,672.89 euros, the values are different:
- employees with 15 years of contributions and self-employed workers with 18 years of contributions will receive 336 euros;
- employees with between 15 and 25 years of contributions and self-employed workers with between 18 and 28 years of contributions will receive 420 euros;
- employees with over 25 years of contributions and self-employed workers with over 28 years of contributions will receive 504 euros.
The increase
The expected increase regarding the fourteenth salary can reach up to 655 euros. This value was calculated based on percentage change in consumer price indices, provided by Istat on 7 November 2023, compared to 2022. The final amount of the fourteenth depends on several variables: the amount is higher if the income does not exceed 1.5 times the minimum payment, while it is lower if it exceeds this threshold but it still remains within double the minimum. For the calculation it is also necessary to consider the years of contributions and whether the worker was employed or self-employed.
Withholdings and adjustments
If a pensioner has received an undue fourteenth in the past, this could be recovered in full from the 2024 salary, which will be paid in July. Furthermore, in payslip next month will be present Irpef withholdingsthe installments of the regional and municipal surtaxes for 2023, as well as the advance payments for 2024 and any adjustments.
This means next month’s payments could be lower for some retirees. Pensions will be paid on Monday 1 July 2024 for those who receive the check via bank credit. Anyone who collects their pension at the Post Office will have to follow the usual calendar based on the initials of their surname:
